National City Bank v. Fairbank State Bank
Supreme Court of Iowa
Appeal from Black Hawk District Court. — Charles W. Mullan, Judge. Action in equity to enjoin a sheriff’s sale under execution of certain 150 shares of capital stock of the Black Hawk Building Company. The plaintiff bank claims to hold said shares as collateral security for a loan. The defendant bank, as a judgment creditor of the original owner of the shares, caused a levy of execution to be made upon such shares.
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Appeal from Black Hawk District Court. — Charles W. Mullan, Judge. Action in equity to enjoin a sheriff’s sale under execution of certain 150 shares of capital stock of the Black Hawk Building Company. The plaintiff bank claims to hold said shares as collateral security for a loan. The defendant bank, as a judgment creditor of the original owner of the shares, caused a levy of execution to be made upon such shares. The controversy between the parties turns upon the question whether the method adopted in the transferring of the shares as collateral security to the plaintiff was a sufficient…
1Opinion of the CourtEvans, C. J.
1. Corporations: transfer of shares: collateral security: dual method of perfecting lien: statute. In the district court, the question at issue between the parties was presented in the motion to dissolve a temporary injunction, and was tried in a hearing upon such motion. The parties stipulated, however, that such hearing should be deemed a final hearing upon the.merits, and that the decree upon this hearing should be a final decree. The effect of this stipulation is to treat the ’ allegations of the petition as true, and to leave the one question whether upon such allegations the plaintiff…
2Cases cited1 opinion
- Perkins v. LyonsSupreme Court of Iowa · 1900
3Cited by4 opinions
- Burns v. BurnsSupreme Court of Iowa · 1943
- National Sewer Pipe Co. v. Smith-Jaycox Lumber Co.Supreme Court of Iowa · 1918
- Maloney v. StorjohannSupreme Court of Iowa · 1928
- First Bank & Trust Co. v. WhippSupreme Court of Iowa · 1941