Baldwin v. Devereux Schools, Inc.

Opinion by

Mr. Justice Simpson,

A partnership, known as Devereux Schools, borrowed from plaintiff certain of her stocks and bonds, with leave to hypothecate them as security for a loan, agreeing to return them upon demand. They were so used, but never returned. Subsequently a corporation was formed, under the name of Devereux Schools, Incorporated, defendant herein, which took over the assets and agreed to pay the liabilities of the partnership, and, in pursuance of that agreement, gave to plaintiff a demand note, in the usual form, for the amount which had been borrowed with her securities as…