Page:Federal Reporter, 1st Series, Volume 2.djvu/31

 24 PEDEBAL EEPOETEB. �under the New York Code for the trial of an issue of law which the hearing upon a demurrer is. �By that code 14 days' notice must be given. I think this is a matter of "practice" within the meaningof section 914 of the Eevised Statutes, and I see no difficulty in its being adapted to the trial of causes in the federal courts. There- fore, it must be deemed applicable, and, so far as the rules of this court allowed a shorter notice, they are abrogated by the statute. Case stricken from the calendar. ���CoMBiNATiON Teust Co. and others v. Weed and others.* �{Oireuit Court, E. D. Pennsylvania. April 6, 1880.} �CORPOEATION— CONTBACT WiTH PkBSIDBNT — FiDUCIAnY RELATION— IK-. �JUKCTION. — The president ol a corporation occupies a position of trust, and may be called upon by bill in equity to account for and make resti- tution of any part of the property conflded to his care which he lias improperly applied to his own use, While a contract by which a corpo- ration delivers to its president, with power of sale, unissued stock, as security for a loan from him, will be looljed upon with suspicion, it wiil be enforced when sUown to have been made for the Leneflt of the corpo- ration, and to be just. PiiBDGB OF Unisstjbd Stock. — A Corporation may pledge, as security for a loan, unissued stock held by it in trust for the advancemeut of ita best interests. �Motion to dissolve injunction. �This -was a bill in equity filed in a state court by the corpo- ration plaintiff against its president, to restrain him from sell- ing certain stock which had been transferred to him by the corporation, and held by him under a written agreement as collateral security for the repayment of a loan of |10,000, made by him to the corporation, with power of sale in case of default in repayment of the loan. The bill alleged that most of this stock was unissued stock held by the corporation in trust for the advancement of its best interests ; that instead of pay- ingto the corporation $10,000 defendant had deducted from �*Reported by Frank P. Prichard, Esq., of the Philadelphia bar. ����