Basso v. Export Warrant Co.

FOURNET, Justice.

This is a suit by Mrs. Etolia Simmons Basso, daughter and sole heir of Mrs. Roger E. Simmons, now deceased, to recover certain securities, or their value, pledged by Mrs. Simmons to the defendant, Export Warrant Company, Inc., to secure it in connection with a letter of guaranty issued by the defendant to the American National Bank & Trust Company of Mobile, Alabama, in pursuance of its (defendant’s) contract with Roger E. Simmons, Inc., for the discounting of the latter’s drafts by the bank, on the ground that defendant having breached its contract the securities should be…