American Trust & Banking Co. v. Union Security Co.

Plaintiff brought this action against the Union Security Company, seeking to compel 'defendant to enter a transfer of certain shares of its own stock upon its books, showing ownership therein in plaintiff, and to issue to plaintiff a certificate therefor. Prom the chronological statement of the facts, it appears that one Brown, the owner of seventy shares of the capital stock of defendant, Union Security Company, indorsed a certificate of this stock, and delivered it to the plaintiff as a pledge and security for an obligation held by plaintiff against the corporation, of which Brown was president. Plaintiff took no steps to have the records of the Union Security Company show the transfer or its interest in the said stock as pledgee until long after the rights of intervener and cross-complainant Lowe had attached to said stock as hereinafter stated.

After the delivery of the stock certificate and pledge, one Randall commenced an action in the superior court of Los Angeles County against Brown, and caused an attachment to he regularly issued and levied upon the said seventy shares of stock, then standing in the name of Brown on the hooks of the Union Security Company. Judgment was…