Knappenberger v. Shea

Opinion by Judge CRISWELL.

In this declaratory judgment action, defendant, Kathleen Shea, appeals the trial court’s summary judgment entered in favor of plaintiffs, James Knappenberger and Edwin Z. Brown, declaring plaintiffs to be bona fide purchasers of an interest in certain shares of stock which defendant had pledged as security for several loans made by plaintiffs to a third party. We affirm.

This action arose from three loans made by plaintiffs to Pro Steel Distributors, Inc., and Pros International, Inc. (borrowers), which were secured by defendant’s pledge of certain shares of corporate…