Savitz Bldg. & Loan Ass'n v. Lissman

Opinion by

Baldrige, J.,

On September 7,1926, the defendant obtained a loan from the Louis Savitz Building and Loan Association and gave as evidence thereof his promissory note, in the sum of $350, payable one day after date, and assigned as collateral security for the payment thereof, ten shares of the capital stock of the association. The note provided that “all moneys heretofore or hereafter paid by me to said association upon said pledged shares shall be considered as made in liquidation of this loan.” The defendant had subscribed for the ten shares of stock in June, 1923, so that at the…