148 N.Y.S. 491 | N.Y. Sup. Ct. | 1914
The plaintiff has no greater right to the bond and mortgage in question than John G. Jenkins, Sr., would have if he were alive. For the following reasons John G. Jenkins, Sr., would not be able to maintain this action: First. The assignment of.the bond and mortgage to the Jenkins Trust' Company was not made to secure a promise to pay the debt of the corporation of Frank & J. G. Jenkins, Jr., nor is the claim of the defendant to possession of these securities based upon an attempt to enforce any such agreement. John G. Jenkins, Sr., was a stockholder in the corporation of Frank & J. G. Jenkins, Jr., which owed the Jenkins Trust Company $557,000 insufficiently secured. This indebtedness consisted of demand loans for which additional security was required on October 25, 1907, when the Jenkins Trust •Company closed its doors for want of cash.. John G.
Judgment for defendants, with costs.