Plack v. Baumer

JONES, Circuit Judge.

This appeal grows out of a judgment for the defendant receiver in a civil action, sounding in trover, for an alleged conversion of securities.

The plaintiff was the owner of certain shares of stock which he pledged to the First National Bank of Johnstown to secure payment of two demand notes given by him to the bank in the principal sums of $20,000 and $9,000. Subsequently, the bank having become insolvent, a receiver was appointed for it. Between October 21, 1936 *678(the notes then being in default) and November 5, 1936, the receiver sold the pledged collateral in the open…