Brown v. Union Savings & Loan Ass'n

*658The opinion of the court was delivered by

Fullerton, J.

— The appellant is a building and loan association duly incorporated under the laws of the state of Oregon. On August 15, 1893, the appellant, issued to James 0. Saunders, president of the Commercial Bank -of Port Townsend, a certificate for fifty paid-up shares of its capital stock, of the par value of one hundred dollars each. The shares werei the property of the Commercial Bank. In August, 1894, the respondent loaned to the ■Commercial Bank eight thousand dollars, taking a certificate of deposit therefor, and receiving in pledge as…