Wagy

Action upon a promissory note. The complaint alleged the execution by defendant to plaintiff of a promissory note set out in the complaint, attached to which note was an agreement in substance to the effect that 5,000 shares of mining stock, “the market value of which is now $650, ’ ’ had been deposited with plaintiff as collateral security for said note; that the right reposed in plaintiff to call for additional security, and that failure to respond forthwith to such call matured the obligation, and on the nonpayment of the note when due authority was given plaintiff to sell any securities so held as collateral, without demand, advertisement or notice, and the plaintiff was authorized to buy the same, and, after deducting legal costs and expenses of collection, was required to apply the proceeds of such sales to the amount due on the obligation; and the maker of the note agreed to pay the holder any deficiency upon demand. It is alleged that after the maturity of the note plaintiff sold 13,000 shares of mining stock for $104, the same being held as collateral for such obligation; that no part of the interest on said note had been paid, and after applying the credit of $104 there…