Lepel High Frequency Laboratories, Inc. v. Capita

McLaughlin (Charles B.), J.

It is alleged that this stock, of which defendant was the owner, was deposited with the plaintiff as security for a loan of $4,300 made by plaintiff to the defendant, and that the loan was to be repaid out of dividends which might be declared on the stock, except that if the defendant left the plaintiff’s employ he would at that time pay any balance remaining due on the aforesaid loan. It is alleged that defendant left plaintiff’s employ and also that he unlawfully removed the stock certificate from the plaintiff’s possession and converted it to his own use.…