Cross v. Brown

• Decision Date: 05 July 1890
• Citation: Cross v. Brown, 33 A. 370 (R.I. 1890)
• Parties: CROSS v. BROWN et al.
• Court: Rhode Island Supreme Court

33 A. 370

CROSS

v. BROWN et al.

Supreme Court of Rhode Island.

July 5, 1890.

Assumpsit by John A. Cross against Brown, Steese & Clark on two promissory notes. A statement of the facts will be found in 33 Atl. 147. There was a judgment for plaintiff, and defendants petition for a new trial. Denied.

James Tillinghast, for plaintiff.

Colwell & Barney, for defendants.

PER CURIAM. The notes that were deposited by the defendants with the International Trust Company as collateral security for the notes in suit were so deposited by them under a contract, by virtue of which they were to be collateral security for the payment of the notes in suit, "or any other liability or liabilities of ours to said trust company, due or to become due, or that may be hereafter contracted." We are of the opinion that under this contract it was competent for the trust company, at its option, to apply the proceeds of the collateral either to...