Klaproth v. Tanner

Opinion op the Court by

Judge Dawson

Affirming.

In 1931, the appellee acquired 51 shares of the capital stock of the Cumberland Manufacturing Company. In 1944, he pledged this stock to Rufus Lisle to secure the payment of a note in the sum of $4000. When Lisle demanded payment of this note it was arranged that the stock would be released upon the payment of $3000. Tanner claims he borrowed $3000 from the appellant Klaproth and pledged the 51 shares of stock as security for this debt. At Tanner’s direction Lisle forwarded the certificates for the 51 shares of stock to Klap roth on March 14, 1945,…