McDonald v. First N. B. of McKeesport

Opinion by

Mr. Justice Horace Stern,

This action, based upon an alleged unlawful conversion of stock belonging to the plaintiff, failed completely because of two applicable principles of law. Therefore a nonsuit was properly entered.

Plaintiff borrowed from defendant bank the sum of $6500 for which he gave his demand note together with an assignment of four shares of stock of the Model Coat & Apron Supply Company. The note provided that the stock was deposited as collateral security for the payment not only of the $6500 but also “of any other obligation or liability, direct or contingent, . . .…