Powell v. . McDonald.

The single question presented is as to the proper interpretation of the collateral pledge of the life insurance policies as security for the joint note of the insured and beneficiary therein, J. A. Eynuni and wife, Gertrude II. Bynum, respectively.

We are of the opinion that the liability created by the collateral note is a joint liability of the makers thereof. We think the words of the pledge, following the provision for the application of the funds derived from the sale of the securities, “shall be applied to this obligation, and any surplus to any other note, obligation, bill, overdraft,…