Brown v. New Bedford Institution for Savings

The plaintiff is trustee under an assignment for the benefit of creditors made by one Philip D. Borden. He seeks to recover the proceeds of stock transferred by Borden to the defendant to secure a note, so far as they are not necessary to pay that note. The defendant claims the right to hold them for a general balance due from Borden.

*263The note and security were given on August 28,1877, and the defendant made other advances before and after that date, receiving other notes which it still holds. The note secured was payable on demand. Demand was made on February 3, 1880, but no notice of…