Jones v. National Chautauqua County Bank

Action No. 1 is for a conversion of stock pledged with defendant bank as collateral to secure the payment of plaintiff’s promissory note. Action No. 2 is for a recovery on the promissory note. The actions were consolidated and tried before an official referee. The judgment appealed from was entered upon a decision in favor of plaintiff Jones.

During the late 1920’s plaintiff Jones was a substantial borrower at the defendant National Chautauqua County Bank of Jamestown. On November 23, 1932, he executed and delivered to the bank a new demand note for $26,815. The bank held collateral consisting…