Louisville Trust Co. v. Drewry

Opinion op the Court by Judge Rees

Affirming.

On July 8, 1932, Frank G-. Drewry executed to the Louisville Trust Company his note for $10,039.62, due 60 days after date. It was a renewal note, and represented an indebtedness that had existed for a number of years. Drewry pledged to the trust company, as security upon the note, 225 shares of the common stock of the Commonwealth Life Insurance Company, and it held as additional security a mortgage on certain real estate owned by Drewry. The note contained the following provisions relative to the trust company’s right to sell the collateral upon…