The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1866-07-26
49, - 80 CellafsfSis-f1
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-WIIsf RIDGES. Il ~, i.iF
/ The Court Of Appeals have recently de-
cided three S1fy important Cases, settling
he law in Maryland rs to the respective
duties, and remedies Of parties, who
loan and sorrow On stock tbllatefals.. They
are the 'csses Of the Maryland Fire Insu!
Iynce Company vy. William r !. Dairymple,
the Baltimore insurance Company ". VIII
liam +. Dalrymple, and William ]. Bryson
is. William 8. Rayner. The first two. are
cases at law, and the latter In equity. The
court decided In the case Of the Maryland
Fire Insurance Company rS. Dalrymple:
LIST. That where by the terms Of the con-
tract thGloan 10 payable on o0s day's'noI'
tiee, andifn not paid according to the agree
rpcnt the plcdgee Is authorized without
further notice TO sell the stock pledged TO
satisfy the loan, and the Pledge gives the
notice to the piedgor to pay, then, in such
case, all notice Of the. time and place OF
sale Is waived and dispensed with by the
pledgor, leaving the Pledge theaaght and
obligation to sell publicly and fairly at the
best price he can obtain. ,.... =.
I'd. That in such case sale Mt the BAL.
tin,ore Board Of Brokers, publicly and
fairly made, Is legal and valid, vests go6d
title in the purchaser, if a third party ana
terminates the contract. And that i salo
ut public auction is not necessary, but .iat
the most suitable and proper place ior d
sale Of stocks IS at the Board OF Brosers'
] 3D.. That the pledge cannot hiInselt DE- De-
come the purchaser Of the stock 50 Sol"
NV him. and although such sale ana pul.
chase by him be made fairly at the hiS9es.
market price, vet that it is void, both at Ia"
and in equity, in the absence OF conseh. vi
acou;escence ON the part Of the pledgce
and does not operate either to vest 'l'ro -
the purchaser. or work o conversion 81 the
stock. ..., .-....8.s, ~. :, !, nov no
toe IN the rledsor to pay thciloan, sells tue
took nublicly at the Board of Brokers,
md becomes himself the purchaser, and
subsequently sells the same sloGh IN tne e
same way to third parties, such subsequen nj
sales. If not impcachel on the ground OF
unfairness or bad faith, are made in sthe
lawful and valid exercise OF the power OF
sale. and there is no violation OF contract
on the part of the Pledge, nor any torttous
Of the stock. .......,. ..
5th. In such case the pledgor would have
the right to recover in an action, eh con-
tracts, any excess which might remain in
the hands of the Pledge arising from the
of the sales to the third parties
publicly and fairly made at the Board of
Brokers, together with any dividends he
had received on the stock after deducting
the amount of the loan and interest due
ut that time, such excess being simply mo-
ney had and received by the pledge to the
use of the plcdgor under and in conformity
with the contract.
In the case of the Baltimore Marine In
surance Company Us. Dalrymple, the court
decides further: ~ ..r:.-
LIST. That where stocks are deposited in
pledge as "margins," or further security
on the general loans, without any express
the pledgce' has the right to
sell such margin stocks upon the longest
term of notice stipulated in the written
agreement as to the previous existing loans
and pledges constituting the general H.
1t being obvious that the
=" margins +" are pledged according to the
terms of the written contracts.
I'd. That the Pledge has no right to dis
pose of the stock at pirate sale after ma
turity of the loan and notice to the
pledgor, and such a sale is contrary to his
duty as Pledge, and in law, tortio% for
which the pledgor is entitled to maintain
his action. In such case the measure OF
damages is the actual value Of the stock al
the time Of the private or torttous sale or
conversion, less the amount Of debts due
the Pledge. .h T..
Sd. There may be special circumstances
which will take O case out OF the general
rule as to the measure OF damages, and
which will entitle- n pledgor to recover
more than the value of the property at the
time of the conversion; as in case the
pledgee sells before he has right TO sell
under the contract, and the pledgor offers
to redeem in time, not knowing OF the
wrongful sale, and isput off by the Pledge
from time to time.
And in the case Of Bryson Us. Rayncr,
the court, in addition, decides:
LIST. That where the pledgor, after no.
tice to him to repay the loan and redeem
tue stOCk pltuScu. III CasS ~ "uo -hpt
deemed by certain day named, autho-
rized the pledge to give the stock to any
broker to sell on said day, and the money
was not paid on the day specified, that a
sale of the stock made by broker at pri-
waite sale, and for the full market price of
the day, was q valid sale and such an au-
thority dispenses with! q public sale or
sales at the Board Of Brokers. - .qs
I'd. That where Pledge, after notice
to the pledgor, sells the stock pledged at
the public Board of Brokers, fairly, and
for the highest price of the day, and be-
comes himself'the purchaser and holds the
stock, under such sale no title passes, and
the pledgor has right to maintain suit
in equity, asking for an account Of the di-
received by the Pledge, and for a
retransfer of the stock pledged, on the
Of the amount of loans, with in
terest; and that in such case court OF
equity has the power to and will decree
such account and retransfer on payment OF
the amount due the Pledge, with interest.
Baltimore Sun, Bath % ~. ,,gt. az ~.
READY METHOD OF PURIFYING WATER
We wonder that travellers do not carry
with them little bottle of solution OF per-
of potass, few drops Of which
would speedily purify any water. A friend
of ours who has 5ist returned from lndia