Reyburn v. Goodrich

Plaintiff brought suit against defendant upon a promissory note alleging that there was then past due and unpaid on the note $2,250. To secure payment of the note defendant pledged certain collateral to which- reference is made in the note in the following words:

“And have pledged Certificate No. 578, 80 shares, and Certificate No. 1040, 25 shares, of capital stock of Old-Merchants National Bank & Trust Company; together with all dividends on same of any nature whatsoever as collateral security for the payment of this note, with authority to sell same at public or private sale, without notice,…