Blake v. Traders' National Bank

In 1855, the plaintiffs’ testator became a surety upon the probate bond of a trustee. In 1864, the trustee pledged certain stocks, a part of the trust estate, to the Traders’ Bank, to secure a debt due from the firm of which he was a member. In 1865, the Traders’ Bank was organized as the Traders’ National Bank, the defendant, and received the stock in question, the debt not being paid. In 1867, the defendant, at the request of the trustee, sold the stock and applied the proceeds on the debt. The certificate and the assignment showed that the stock was held in trust. The trust estate received…