Hams v. Marshall

SWAN, Circuit Judge.

The facts are not disputed. On January 20, 1926, Matthew M. Marshall and John J. Hams executed in New York City their promissory note to Frank M. Dunbaugh for borrowed money. Under an agreement of even date they deposited with Dunbaugh as security for their note certificates for certain shares of stock and title deeds running to Marshall, as grantee, of land located in Texas and in Florida. Subsequently, an extension *704agreement, dated July 21, 1926, was entered into, extending payment of the note and conferring more detailed powers of sale upon Dunbaugh in ease of default…