Ambrose v. Evans

Citations

• 66 Cal. 74
• 4 P. 960
• 1884 Cal. LEXIS 687

Syllabus

<p>Bailment—Pledge of Stock by Depositary.—The endorsement and delivery of certificates of stock to a person for safe keeping only, gives to the transferee the indicia of ownership, and a transfer of the stock by him to a third party as security for the payment of money loaned is valid, and vests in the pledgee a right to the stock as security for the loan,</p> <p>Id.—Sale by Pledgee after Action Brought for Recovery of Stock.— While an action was pending for the recovery of shares of stock held as a pledge for the payment of a loan, the pledgee sold the shares in open market for a sum larger than the amount of the loan. Held, that the plaintiff could not recover the excess in such an action, as it constituted no part of his cause of action.</p>