The weekly clarion. [volume] (Jackson, Miss.) 1863-1882, 1882-02-01

corunBrs IEsrn k1en AID BAs KIse Co
Appeai ron i Cifenif Court 81 I.ownnes


coruMBrs INsFe ASen AID BAs KEso Go.
Appeal from q Cirenit Court q Iowndes
county. Ii1h I # Arnold Judge.
This II Aeli0n 81 srsver, in which The
plaintiff IIank1 seeks 10 recover Of the
appellee IS 1l08 damages for the conyers on Of
certain stocks AND bonds. In 1877 Murdoch
vas indebted to the appeilees in the sum Of
$1,000 due BY pr0nissory note dated May Y.
1875 and due three years thereafter. Murdnek
was also liable TO A. a. Winston IN the sum Of
s. 85S In order 10 secure these debts Murdoch
executed he following instrument: = here
By assign aud transfer u a. a. Winston the
following stocks and bonds so-wit:
Which said bonds and stocks the said a. A.
Winston is to sell and dispose Of at1hls dIscre-
ton and from the proceeds TO pay hrst, M
note Of May Y, 1876, to Columbus Insurance
and Banking Company for 81 900, due years
after date with interest At 10 per cent. per
annum Second, to pay and secure himself
for his Endorsements for me on my three notes,
amounting in the aggregate 20 t6o0o ~; and
1 hereby make and constitute the sald A. a.
Winston nv own and lawful attorney, ire
yocable, with full power TO sell and con
Yey my title to any aud all or all Of said bonds
and stock And said Winston is TO sell and
dispose of said stocks and bonds at his discre-
| ton at such time and manner and for such
price as he may deem best. But In case the
/ The Interest," due on said note to said
2 r
that shall accrue on said note on the
| I'd of MAY. t78 then and in that event
the said Winston shall sell said stocks and
bonds or sufieiency ofIh m to pay aud satisfy
said note IN full. But III case said interest Is
paid then the said Winston shall not be re-
CURED 10 sell said stocks and bonds until said
| note is due. But, as beforesaid, the ssid Win
ston shall have full discretion to sell or dis
pose OF any or ali of said stocks and bonds at
any time in his discretion. 1t is understood
I r , i l..
| in the custody OF the said Insurance and
| Banking Company. which are to be turned
| over TO the SAID Winston, and the portion Of
said stocks and bonds now held by said Win
son are to be deposited by the said Winston
with the said Columbus Insurance and Bank
| ing Company, 50 as to consolidate ali of said
stocks and bonds in one place, and there to be
held for account Of and subject to the order OF
said Winston, and TO be disposed of at his dis
eFetion And in case the said Winston should
die, or become incapable Of acting before this
| trust is closed, the said lnsul ance and Bank
! ing Company and the representatives. Of the
said Winston and the said Murdoch shall
jointly select some one who shall be invested
with all the power herein conferred upon the
said Winston, given under my hand and
seal this May 2, 1871
accept the within trust.
A. A. WINSTON.
On the 18th of February, 1879 the Interest
on said note not having been paid certain of
the stocks and bonds were sold by Winston
and The amount so realized exceeded the in
terest. On February q. 1872 Murdoch de-
parted 10 Mexico, and the appellees demand
ed of Winston that he sell the stocks aud
bonds to pay their note. Winston, on notice
being given 10 Murdoch, very much against
his desire and Judgment, sold the stocks and
bonds subsequently, there was rise in the
value of the stocks, and Murdoch, returning
from Mexico, repudiated the whole transac
ton, and brings this suit in tr3vef against
the appellees, claiming $20,0OO00 damages,
taking the position, first that the paper xe
euted On the 2nd of May, 1877, was u mere
pledge, and must be considered as such. Sec
ond under rules of law regulating sales of
pledges, no valid sale can be made of the
pledge until demand Of payment OF the debt
has been first made upon the pledgor, and no.
tice must then be given to the pledgor of the
time and place of sale, which sale must be
public, unless there is Al express waiver.
H. Taylor and Murphy, Sykes BristCw, for
appellant.
Orr and Sims for appellee.
CAMPBELL, j.,
Held
!. Appellant was not entitled to notice of
the sale, or II demand of payment of the in
terest OF the note, before sale, because he
conferred the power of sale on Winston, his
agent and trustee, with full discretion as TO
time, manner and place, and prescribed the
contingency Ia which he should SELL and did
not stipulate for notice OF sale or demand of
payment, as conditions of the exercise of the
power Of sale.
2 The written instrument is to receive
reasonable Interpretation with a view 10 ascer-
tain the intent OF the maker; and tbs manifest
that his purpose was to place the title and
control OF the securities transferred, in Winston,
and - arm him with the fullest power of dis
position Of them, as expressed in the assign
ment, and that lie meyer contemplated that any
notice should be given to him or demand made
of him. HIS interests were committed to Win
ston who was made his agent, with respect to
the matters embraced in the transaction.
8 The written instrument was not a mere
pledge, but n transfer interest to third per-
son other than the creditor, with the power to
sell and pay certain debts. Judgment affirmed
ITO be reported.l