Bank of Florala v. American Nat. Bank
Supreme Court of Alabama
Appeal from Covington Chancery Court. Heard before Hon. O. S. Lewis. Bill by the American National Bank of Pensacola against the Bank of Florala and A. E. Mann to enjoin respondent bank from foreclosing its statutory lien upon certain shares of stock owned by Mann in the Bank of Florala. Decree for complainant and the respondent bank appeals.
1Opinion of the CourtSayre, J.
The American National Bank of Pensacola filed the bill in this cause against the Bank of Florala and A. E. Mann, its former cashier, to enjoin- the defendant bank from foreclosing its statutory lien on 16 shares of its stock, standing on its books in the name of Mann, and to enforce the complainant bank’s lien on said shares of stock. The complainant bank claimed its lien by virtue of a pledge by Mann of his stock antedating his debt to defendant bank. The defendant bank based its lien on section 3476 of the Code, which gives corporations “a lien on the shares of its stockholders, for any…
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