Henry Billings Brown

Name: Rankin v. Fidelity Insurance Trust Safe Deposit Company — Opinion of the Court
Author: Henry Billings Brown

Rankin v. Fidelity Insurance Trust Safe Deposit Company…

Summary

“Rankin v. Fidelity Insurance Trust Safe Deposit Company — Opinion of the Court”, is a work by Henry Billings Brown. It explores elements such as pledgee, transfer and Delamaters.

Quotes from Rankin v. Fidelity Insurance Trust Safe Deposit Company… (Henry Billings Brown)

Henry Billings Brown, Rankin v. Fidelity Insurance Trust Safe Deposit Company…

“ Under the circumstances, it is entirely possible that the word 'owner' may have been used in its ordinary sense, or as representing a pledgee upon whom the ownership of the shares had been cast by the failure of the pledgeor, and the depreciation of the value of the shares to an amount insufficient to pay the note. It can hardly be possible that the statute was intended to impose a liability upon a pledgee who had taken the shares as collateral security, and, through the failure of the pledgeors, had been forced against its will into the position of ownership. ”

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Source: Wikisource

Henry Billings Brown, Rankin v. Fidelity Insurance Trust Safe Deposit Company…

“ There is no doubt whatever that the defendant originally took blank transfers of the certificates of stock in question as security for its loan to the Delamaters; that at that time the stock was worth its face value, $23,000; had paid dividends for twenty-seven years prior thereto, and was in good credit. To charge the defendant with liability as a shareholder it must be made to appear that it had either become the owner of the shares in fact, or had held itself out to be the owner, and thereby estopped itself to deny its liability as such. ”

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Source: Wikisource

Henry Billings Brown, Rankin v. Fidelity Insurance Trust Safe Deposit Company…

“ Stockholders of record are liable for unpaid instalments, though in fact they may have parted with their stock, or held it for others. Hawkins v. Glenn, 131 U.S. 319, 33 L. ed. 184, 9 Sup. Ct. Rep. 739.
3. A mere pledgee, however, who receives from his debtor a transfer of shares, surrenders the certificate to the bank and takes out new ones in his own name, in which he is described as 'pledgee,' and holds them afterwards in good faith, and as collateral security for the payment of his debt, is not subject to personal liability as a shareholder. Pauly v. State Loan & T. Co. ”

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Source: Wikisource

Henry Billings Brown, Rankin v. Fidelity Insurance Trust Safe Deposit Company…

“ Some stress is laid by the plaintiff upon the fact that neither the Delamaters nor their assignees ever gave their consent to the transfer of the stock to Hand; but, as the power of attorney originally given upon the deposit of the stock expressly authorized such transfer, and the rights of the defendant could only be protected in that way, there is no force in the objection, particularly in view of the fact that neither the Delamaters nor their assignees complained of such transfer. Being an act which it was authorized to take as pledgee, it cannot be made responsible as owner therefor. ”

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Source: Wikisource

Henry Billings Brown, Rankin v. Fidelity Insurance Trust Safe Deposit Company…

“ Three cases in this court are specially pertinent to the one under consideration, and we have little more to do than to point out the salient facts of each and determine by which one of them this case is controlled. ”

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Source: Wikisource

Henry Billings Brown, Rankin v. Fidelity Insurance Trust Safe Deposit Company…

“ Justice Story that 'there certainly are cases in which, from the different senses of the words used or their obscure and indeterminate reference to unexplained circumstances, the true interpretation of the language may be left to the consideration of the jury for the purpose of carrying into effect the real intention of the parties. ”

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Source: Wikisource

Henry Billings Brown, Rankin v. Fidelity Insurance Trust Safe Deposit Company…

“ Such a result might operate to destroy altogether the possibility of raising money upon the deposit of national bank shares as collateral. See also Fagin v. Connoly, 25 Mo. 94, 69 Am. Dec. 450; Prather v. Ross, 17 Ind. 495; Roberts v. Bonaparte, 73 Md. 191, 10 L. R. A. 689, 20 Atl. 918; Macdonald v. Morrill, 154 Mass. 270, 28 N. E. 259.
This case could only have been withdrawn from the jury upon the theory that, taking all the testimony together, there could be but one reasonable interpretation put upon the conduct of the defendant with respect to these certificates. ”

Henry Billings Brown

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