National City Finance Co. v. Lynch

The trial court sustained the defendant’s demurrer to the amended complaint of the plaintiffs without leave to amend, and about two months thereafter, no request for leave to amend being made, judgment was entered dismissing the action. The plaintiffs have appealed from the judgment.

The complaint alleges that on or about January 20, 1926, the defendant executed and delivered to the plaintiff Finance Company his promissory note for $2,030, payable three months after the date mentioned and “as security for the payment of said note assigned in blank by his endorsement in writing and delivered to said National City Finance Company, 75 shares of preferred stock and 75 shares of common stock in the Credit Finance Company, . . . and agreed in said note that the said National City Finance Company may . . . sell or assign the shares and securities or any part thereof, its only obligation in respect thereto being to return to said defendant on payment of the above note on the date of maturity thereof, an equal number of shares of stock of the same class in said company. . . . That said note or any part thereof has not been paid, and will be due on or about the 19th day of April, 1926.…