Markwell & Co. v. Lynch

The case of In re Convisser, 9 Cir., 6 F. 2d 177, does not decide that “The pledge by a retail merchant of a substantial part of his stock of goods is a disposal of the goods out of the ordinary course of trade”, as stated in the majority opinion. It could not decide that a pledge of goods cannot be made in the ordinary course of trade because that question was not before the court. It did not even lurk in the record.1 It was admitted by the brief2 of the petitioner seeking to hold the pledge valid that the pledgor, with the money borrowed on the pledge, “left for [the] parts unknown”…