American Bonding & Trust Co. v. Pacific Brewing & Malting Co.

Citations

• 34 Wash. 10
• 74 P. 826
• 1904 Wash. LEXIS 302

Syllabus

<p>Corporations — Stock — Pledge — Action to Compel Transfer — Remedies of Pledgee — Adequate Remedy. The pledgee of stock in a corporation, pledged as security for a debt, can not maintain an action to compel the transfer of the stock upon the allegations that the debt is unpaid and exceeds the value of the stock, and that there is no adequate remedy at law; since Bal. Code, § 4264, treats such pledges as any other personal security and authorizes the pledgor to vote and represent the stock; and the remedies of the pledgee are to foreclose the pledge by bill in equity, or to give notice of sale and apply the proceeds, and these remedies are speedy and adequate (Pt. Townsend Nat. Bank v. Pt. Townsend Gas etc. Oo., 6 Wash. 597, followed).</p>