Guarantee Trust & Safe Deposit Co. v. Tye

Opinion by

Keller, P. J.,

The defendant, P. H. Tye, in 1928, subscribed for and became the registered owner of twenty shares of the 44th series of instalment stock of the Anthracite Building and Loan Association of Mt. Carmel. The association issued to him a pass-book or receipt book in which the secretary noted the monthly payments made on the stock. No stock certificate was issued to him. It was not the practice of the association to do so.

Mr. Tye was indebted to the First National Bank of Mt. Carmel. The bank having demanded of Tye additional collateral to secure the payment of his…