Kram v. Manufacturers Trust Co.

In this replevin action the plaintiff seeks to recover 2,500 shares of P. Lorillard common stock, 400 shares of Borden common stock and 300 shares of Kellogg common stock, which he pledged with the defendant. The pledge, by the terms of a collateral note, was to secure payment not only of the note itself, which had been reduced to $47,500, but also of any other liability or obligation, direct or contingent, of plaintiff to defendant.

The plaintiff had executed two guaranties of payment of an indebtedness of his brother, Jacob M. Kram, to defendant aggregating $13,000. The principal issue…