NEWTON V. PORTER
69 N.Y. 133 (1877)
NATURE OF THE CASE: This was an equitable action to establish the right of the plaintiff
to the proceeds of stolen bonds by the establishment of a constructive trust.
FACTS: Newton (P) was the owner of $13,000 in government bonds. They were stolen from her
and the bonds were sold by the thieves. Warner loaned a part of his share and took
promissory notes. The Warners were eventually arrested and they employed Ds to defend them
in the criminal proceedings. Warner transferred to Porter et al, (D) promissory notes taken
on the loans made from the proceeds of the stolen bonds. The trial court held that Ds had
notice that the notes were the proceeds of the stolen bonds and directed judgment against
Ds.
ISSUE:
RULE OF LAW:
HOLDING AND DECISION:
LEGAL ANALYSIS:
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