In re the Liquidation of Lawyers Title & Guaranty Co.

Each of the certificates held by petitioner purports to assign “ an undivided share * * * equal and co-ordinate with all other shares assigned or retained by the Company.” The certificates were assigned to petitioner as collateral security prior to the order of rehabilitation. These assignments conferred upon petitioner the status of an assignee of the certificates within the meaning of the words “ co-ordinate with all other shares assigned * * * by the Company,” for an assignee for purposes of pledge is just as much an assignee as one taking an absolute assignment.

Respondent contends,…