McKinney v. Mechanics' Trust & Savings Bank

Opinion of the Court by

Judge Rees

Affirming.

During the year 1925 and for some time prior thereto, T. P. Guedry was the president of and a stockholder in the T. P. Guedry Company, a corporation. He became indebted to the appellee Mechanics’ Trust & Savings Bank in the sum of $1,500, and executed to the bank his notes for $1,000 and $500, respectively. As collateral security on the notes, he assigned to the bank 25 shares of stock of the T. P. Guedry Company and signed an agreement authorizing the bank or its assigns, in the event the notes were not paid at maturity, to sell the stock at private…