Danielson v. Line

In April, 1931, Appellant executed his nóte to Central National Bank and Trust Company in the sum of five thousand dollars payable in thirty days with interest at eight per cent. As security for payment of the note, he delivered to the Bank a stock Certificate evidencing 500 shares of corporate stock, the contract of pledge thereof being incorporated in the face of the note.

Shortly after the delivery of the note and the pledged stock, the bank was found to be insolvent and placed in the hands of a receiver. The receiver held the note and the pledge until the note became barred by the statute…