National Bank of Deposit v. Sardy

' By way of security for a loan of $3,000, obtained from the plaintiff, the firm of Sardy, Coles & Co. delivered to the former their promissory note which recited the delivery to the plaintiff of certain goods and the establishment of a lien upon them for the amount of the loan, at the same time delivering a further instrument which acknowledged the redelivery of the goods to the firm (the borrowers), for the stated purpose of their being held in trust for the plaintiff, and as its property, Sardy, Coles & Co. agreeing to sell such goods for the plaintiff’s account and hand over the proceeds…