Heinicke Instruments Company, a Corporation v. Republic Corporation, a Corporation, and Samuel N. Bergman

HUFSTEDLER, Circuit Judge.

The contest in this interpleader action is between an attaching creditor and the assignee-pledgee of 28,985 shares of stock. The district court held that the assigneepledgee had perfected his security interest in the stock before the attachment because, under Oregon Revised Statutes § 79.3050, U.C.C. § 9-305 1 , the issuing corporation was the bailee of the pledgee-assignee. We conclude that the district court misapplied U.C.C. § 9-305. No bailment existed, and the judgment must be reversed.

In March, 1970, Block purchased 28,985 shares of Heinicke Instruments Company…