Griffin

On June 12, 1912, the defendant executed and delivered to plaintiff a demand note for three thousand dollars, secured by a pledge of certain shares of stock. A collateral agreement made at the same time authorized the holder of the note, in case of default, to sell the pledged property at public or private sale, with or without notice to the pledgor. This action was brought in January, 1914, to foreclose the lien of the pledge.

The court found that $750 of the principal and $150.05 of the interest due on the note was unpaid, and that the plaintiff had waived any right to a deficiency or personal-, judgment against the defendant. A decree was accordingly entered for the sale of the pledged property by a commissioner, and for the foreclosure of defendant’s right of redemption.

The defendant appeals from the judgment. His sole contention is that the court below should have stayed its hand because of the pendency of bankruptcy proceedings. It was alleged in the answer, and found by the court, that on July 24, 1913, there was filed in the United States district court, in and for the northern district of California, a petition praying that the defendant herein be declared an…