Hanna Nielsen S. S. Co. v. Hammond S. S. Co.

In the court below three suits were consolidated for trial, and they are brought here upon a single record. The three appellants were plaintiffs, and will hereafter be so designated. They are Norwegian corporations and at the times herein mentioned were severally the owners of three steamships, the Hanna Nielsen, Niels Nielsen, and Luise Nielsen. On • February 27, 1924, they severally entered into three indentieal contracts with the defendant Hammond Steamship Company by the terms of which they agreed to sell and the latter agreed to buy each of the ships for $200,000. Under each contract a . deposit of $20,000 was made by the purchaser with the National City Bank of New York to the joint account of the parties, to be held and turned over pursuant to the terms of the contract and an escrow agreement in substantial accord therewith. These deposits, still in the custody of the bank as escrow holder, constitute the, principal matter in controversy; each plaintiff claiming one, and defendant Hill claiming all. The bank asserts no proprietary interest, and by the Hammond Steamship Company it is stipulated that Hill has succeeded to such rights, if any, as otherwise it would have. With…