New York Court of Appeals January 21, 1925 (Asylum of St. Vincent De Paul v. McGuire)

Hiscock, Ch. J.

The important and controlling question on this appeal is the one whether an owner of securities criminally but effectively pledged by a depositary for his own debt and which have survived sales by the pledgee to satisfy the debt, must make contribution to another owner of securities similarly pledged but which have been sold to pay the common debt.