Lem

This is an appeal by defendants from a judgment rendered in favor of plaintiff, prosecuted upon the judgment-roll accompanied by a bill of exceptions.

The action grew out of a sale made by defendant Wilson of corporate stock pledged by plaintiff to defendant Traders Bank of Los Angeles, of which Wilson was president, as security for.the payment of promissory notes made by plaintiff to the bank, which notes were on March 28, 1913, due and unpaid. Pursuant to instructions of the bank to collect the notes the stock, consisting of fifteen shares of the capital stock of said bank, without any demand having ever been made upon plaintiff for payment, was by Wilson, in the lobby of the bank, immediately upon the opening thereof at 10 o ’clock a. m., March 28, 1913, and without any advertisement thereof or other notice of sale, or notice given to plaintiff of his intention to sell the same, sold to one J. M. Best, who happened at the time to be in the bank, for the sum of one hundred and ten dollars per share and the proceeds thereof paid to the bank and applied in payment of plaintiff’s notes.

The only authority that Wilson had for selling the stock in the manner mentioned was a written…