Citizens' National Bank v. Bank of Commerce

Citations

• 80 Kan. 205
• 101 P. 1005
• 1909 Kan. LEXIS 48

Syllabus

<p>SYLLABUS BY THE COURT.</p> <p>1. ' Pledges — Stock—Assignment and Delivery of Certificate— Change of Possession. The assignment and actual delivery to another of a certificate of stock in a joint stock company, by the owner thereof, for the purpose of pledging the property represented by such certificate as collateral security for the payment of a debt of such owner, is sufficient to effectuate a change of the possession of such property from the owner to the holder of the assigned certificate when such property is not itself susceptible of delivery.</p> <p>2. - Priority of Liens — Pledgee—Attaching Creditor. In such a case the holder of the assigned certificate will have a right to the property, for the purposes of such pledge, superior and prior to the rights subsequently acquired by an attaching creditor.</p> <p>3. -- Trusts and Trustees. A pledge to secure a debt may be made in trust to a third person for such purpose with the same effect as if made directly to the creditor.</p> <p>4. -Record. The law relating to the registration of chattel mortgages has no application to pledges.</p>