Consolid'd B. L. Assn. v. Shipley

Argued October 15, 1928. On February 11, 1927, the defendant borrowed from the Consolidated Building Loan Association the sum of $2,175, giving therefor his promissory note payable one day after date, with a clause therein transferring to the association thirty shares of stock in the second and fifth series of said association as collateral for said loan. The note also contained the following clauses: "And I do, for myself, my heirs, executors, administrators and assigns, agree that all monies heretofore or hereafter paid by me to said association upon said pledged shares shall be considered…