Kiel Wooden Ware Co. v. Raeder

This is an attempt by a creditor of J. B. Laun to garnishee Laun’s interest in a certificate of corporate stock pledged to the garnishee defendant as collateral for a loan of J. B. Laun. The certificate in question calls for one hundred shares of stock of the J. B. Laun Company. Laun duly indorsed the certificate to the State Bank of Kiel as collateral for a note of $17,500. The note gave the bank power to sell the stock at private or public sale upon any default without advertisement or notice, apply the proceeds to any liability of Laun to the bank, and return the surplus to Laun. It…