United Trust Corp. v. Burgess

The action is brought on a promissory note dated at Elmira Heights, N. Y., on March 13,1927, in the amount of $479.72, made by the defendant in favor of the plaintiff, whereby the defendant promised to pay the sum dué on demand, with interest at the rate of eight per cent. The note further provided: “ I having deposited with this obligation as COLLATERAL SECURITY, 10 Shares United Trust Corporation Preferred Class 1 A ’ Stock * * * with authority to sell the same without notice, either at public or private sale, or otherwise, at the option of the holder or holders hereof, on the…