Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1897-09-11
FAVORS PLAINTIFF.
Judge HlleS'S Decision In an In
POflant Case.
MRS. POorE GIFTS $3.50 SHARES


Judge Hiles rendered q decision TO-
day In the case OF Georgia Foote Va
the Utah Com mercial Savings bank
and Melvin L. Cummings, giving
judgment In favor OF Mrs. Foote.
which entities her to the redemption
OF $3.50 shares OF the capital st ok in
the Diamond Coal & Coke company,
held 10 pledge by Cummings, to Sc
cure q debt OF Mrs. Foote 10 nim, but
afterwards turned over to the bank as
collateral security for a debt OF Cum.
miDgs 80 the bank.
Mrs. Foole, In 1902, had q posstssory
title to eigh y acres OF land In Uintsh
county surveyed, ana msue si,ulics.
ton for q patent. She required 81 900
TO pay for the lanu, anu applied To
Mr.. Cummings, VINO WAS thea cashier
Of the u an Commercial & Savings
bank, Tor the loan OF that amount.
Mr., Cummings advanced the money,
taking from her . deed to the land.
This instrument II appears was au nb-
eolute one on its face, but according
TO the facts 10 the case only represent.
ed an u nuivideu oae-haif Interest, and
given ns security for the advance OF
the 1000, anu for such other al.
vauces Nh Mr.. Cummings might make
to Mrp. Fooie.
In 1894 the Diamond Cosl and Coke
company was org anizsi and the eighty
acres OF land was made TO represent
one.eishth or 1880 shares of the
capital stock, one.half OF which be.
longed to Mrs. Footc, representing her
hsli Interest, che having pledged the
9, 250 shares to Cummings In lieu Of
her ons.hslf interest in the land.
All the shares were, by the agree.
ment o. all parties Interested, includ.
Ing Mrs.. F,ote, placed IN escrow to
the Bank oil Com merce, to SEQ ure
an indebtsdpsss OF $40. 900.
The shsrss remained 10 Escrow un til
February, 1895, when the cisi IN.
psny, requiring q loan Of IS, 600 more,
made an agreement with Cummings
that he might withdraw the 5000
shares II ho would burrow 5000 upon
them. This was done, ana AN unuer.
Btsndipg was had that when the note
for the 81, 1000 had been paid by the
coal company that the shares snouli
be returned to the Bank OF Com.
mercc.
The coal company made its note to
Cummings, got the money and later
redeemed tho papers. Cummings did
not retain the Il, 500 shsIes rs agreed
upon, but In the meantime deposited
them in the Utah Commercial and
Savings bank to svcure . personsl in.
debtedntsP.
The court holds that the {, $50 shares
belonged 10 Mrs. Foots, anu taat the
officers OF the bank had sum clent
knowledge Of this fact. to ut Isass to
have put them upon enquiry.
After reviewing the evidence the
court concludes a. follows:
"Tns evidence shows that the stork
was sold BY the bank about Nay "a,
1895, under an asserted right gwen ny
Its contract OF pledge with Gum.
mings. No notice was given to Mrp.
Foote OF ths intended sale. The stock
was bought in by Thomas w. Jsr-
hinge, an officer Of the bank, for its
benefit, and 1t now claims to be- the
soIs owner thereof.
"rhe evidence shows that there 10
an unsettled account between Mrs.
Foote and defendant Cummings.
81 Am OF the opinion that the bank
holds these 9, $50 shares for the bene q,
OF Mrs. Foote, and II upon an account.
Ing between herself and Clmmipgs,
she shall pay the balance due from her
to Cummings or whoever shall be en-.
titled thereto, ahs IL entitled to the
certificate evidenoing $3.50 shares OF