Marshall & Ilsley Bank v. Roraff

The evidence leaves no doubt but that Mr. and Mrs. Meyer intended to pledge the dredging equipment as security to the loan and Mr. Klein intended to receive that security and at the time of the transaction the parties believed that they were carrying out those intentions. As sole officers and shareholders of the corporation, Mr. and *45Mrs. Meyer had complete domination over the property, could pledge it for a loan if it belonged to the corporation as effectively as they could if they owned it as individuals. Wherever the technical ownership of the dredging equipment might lie, Meyer and his…