Washington National Building, Loan & Investment Ass'n v. Saunders

The opinion of the court was delivered by

Reavis, C. J.

Plaintiff is a domestic building and loan association, with its principal place of business at Seattle. In June, 1898, defendant Saunders requested a loan of plaintiff, and offered as security a certificate of ten *322shares of plaintiff’s stock. On this security plaintiff loaned Saunders' $800, taking his note for re-payment of the money in three months, with interest at ten per cent, per annum, and received in pledge the certificate of stock. The shares of stock were the property of defendant and respondent, Tozier, and, at the time of the…