Bell v. Williams

Flood, J.,

Defendant’s demurrer to plaintiff’s amended statement of claim in assumpsit raises the issue of its legal sufficiency.

According to plaintiff’s averments, on September 9, 1931, one N. S. Morgan gave a promissory note for $8,000 to the Franklin Trust Company and, at the same time, delivered to the latter 921 shares of La France Industries common stock as collateral security. By August 21,1933, Morgan had reduced his indebtedness on the note to $6,~ 615.75. On that day, Morgan and defendant entered into a written agreement whereby Morgan assigned his interest in the pledged stock to…