Bates v. Wiles

This case is submitted for the decision of the Court on the following facts:

The defendant borrowed of the plaintiff $5,000, and gave his note dated 15th September, 1853, at one year for the amount; at the same time he deposited with the plaintiff as security, certificates for two hundred shares of stock in the Cincinnati and Western Railroad, authorizing the creditor to dispose of the stock at private sale or at auction, whenever the credit expired, appropriating the proceeds of such sale first to the payment of the note, and the balance, if any should then remain, to be returned to the…