Jacobs v. National Bank of Far Rockaway

This is an action for conversion of a certificate for sixty shares of the common stock of Continental Can Company, alleged to have taken place on April 26, 1935. The action was commenced on January 25, 1937. The facts are virtually *925undisputed. On January 3, 1934, Mary V. Jacobs, hereinafter referred to as the pledgor, negotiated a demand loan of $1,000 with the Corn Exchange Bank and Trust Company, which loan was secured by the certificate of stock afore-mentioned. This certificate was in the name of her mother-in-law, Annie Jacobs, who is plaintiff’s testatrix, and was indorsed by the latter…