Lane v. Volunteer Co-operative Bank

Anna V. Madden owned five matured shares of the defendant bank, represented by a certificate issued December 4, 1934. When on May 10, 1939, she assigned the shares to the plaintiff by a sealed assignment, as well as by delivery of an indorsed certificate, she owed the defendant a balance, larger than the value of the shares, upon a mortgage note, after the proceeds of a foreclosure sale and apparently also the value of any shares pledged as security for the mortgage debt, had been credited upon the note. See G. L. c. 170 (St. 1933, c. 144), § 27. The judge found that there was no…