Kamas Securities Co. v. Taylor

McDonough, justice.

Plaintiff corporation sued defendant Moses C. Taylor, its secretary for wrongful surrender to a defaulting debtor of 30 shares of bank stock allegedly pledged as security for payment of promissory notes executed by Elliott C. Taylor, brother of defendant. After defendant testified on deposition that he had never received the stock as a pledge, but only in connection with an offer of settlement, the pleadings were amended to charge the defendant with having misled the plaintiff by false representations that the stock had been pledged, whereby the corporation suffered a loss…