Clem Lumber Co. v. Carson

BOND, Chief Justice.

Appellant, Clem Lumber Company, a corporation, instituted this suit against appellee, G. E. Carson, for the amount owing on a promissory note, and for foreclosure of liens on SS shares of capital stock of the corporation, delivered and pledged to it under a collateral agreement attached to and made a part of the note; and, in the alternative, for the balance owing on the note after crediting the amount realized from the sale or transfer of the stock to the corporation under the collateral agreement. The defense is based on alleged acts of conversion by the corporation of…