W. B. King & Co. v. T. B. & Ins.

Station, Associate Justice.

This action was brought by the defendant in error against the plaintiff in error to recover a balance alleged to be due on two loans, after deducting therefrom the proceeds of certain bonds of the Gulf, Colorado & Santa Fe Eailroad Company, which had been deposited by plaintiff in error as a pledge to secure the loan. The petition contained no averment of any express agreement that the pledgee might sell the bonds in the event of failure of the pledgor to pay the debt upon demand, but alleged that after demand for payment, notice thereof having been given to the…