Ironstone Ditch Co. v. Equitable Securities Co.

1. November 13, 1890, Anson B. Johnson owned 160 acres of land in Delta county, and six shares of stock in the defendant company, in which the water was divided pro rata on the stock. All the capital stock was issued, and.all the water appropriated by the.ditch was in use by the stockholders. On this day Johnson borrowed on his five year note, $2400.00 of The Montrose Investment Company, secured by a deed of trust on the land. As additional security, Johnson assigned the stock, on a separate sheet, substantially- as follows: .

“I, being indebted - to The Montrose Investment Company in the sum…