Phipps v. Union Stock Yards National Bank

The opinion of the court was delivered by

Johnston, C. J.:

W. R. Phipps and L. A. Ramsay sued the Union Stock Yards National Bank for the conversion of certain stock pledged to defendant upon a note and a long series of renewals thereof. They charged that the bank sold the stock at a time when they had complied with the formalities in accordance with the form of the notes. It was alleged that in May, 1933, Phipps and Ramsay executed and delivered to the defendant their note for the sum of $4,500, due June 14, 1933, with interest after maturity at ten per cent per annum. That when the note was…