Bay City Building & Loan Ass'n v. Broad

The plaintiff is a corporation organized under the provisions of sections 633-648-J of the Civil Code, as amended in 1891 (Stats. 1891, p. 252). In the year 1893 Hu Jones was a member of the plaintiff and the owner of certain shares of its capital stock, and on March 22d of that year borrowed from it the sum of twenty-four hundred dollars, for which he gave his promissory note, and for the purpose of securing its payment executed to the plaintiff a pledge of his said shares of its capital stock, and also a mortgage upon certain land. He afterwards conveyed the land to the appellant, subject…