Yardley v. San Joaquin Valley Bank

BUCKLES, J.

This action is to recover from the San Joaquin Valley bank the possession of five hundred shares of the capital stock of the Samson Iron Works, which plaintiff alleges he purchased at an execution sale on a judgment he obtained against defendant, Joseph II. Condy, which stock stands in the name of “Mrs. Joseph H. Condy,’’ the wife of the said Joseph H. Condy, and was deposited in said bank as a security.

Judgment was for defendants, and the plaintiff appeals from said judgment.

Facts: The defendant Joseph H. Condy and his wife, Atlanta J. Condy, owned a piece of property on which they were living in Stockton and, on June 23, 1894, the wife declared a homestead on said premises, in due form, and the same was duly recorded on June 25, 1894. Ten years later, and on October 22, 1904, plaintiff recovered judgment against defendant, Joseph H. Condy, for the sum of $893.20.

On July 19, 1902, the defendants, Joseph. H. Condy and Atlanta J. Condy, duly made, executed and delivered to the defendant (bank) their promissory note for the sum of $1,200, and at the same time made, executed and delivered to said defendant (bank) a mortgage on all the homestead property. That thereupon, and as a part of the same transaction, the sum of $500 of said money so borrowed was used in the purchase of five hundred shares of the capital stock of the Samson Iron Works, which shares were purchased in the wife’s name, and said shares were delivered to the said San Joaquin Valley bank also as security for the payment of said $1,200 borrowed.

On November 22, 1904, appellant took out an execution on his said judgment against the property of defendant, Joseph H. Condy, directing the Sheriff to levy upon and sell all of the interest of the said Joseph H. Condy in and to said five

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hundred shares of stock of the Samson Iron Works. That in due time and after due notice given, on the twenty-eighth day of November, 1904, the sheriff sold to appellant all the interest defendant, Joseph H. Condy, had in and to said five hundred shares of stock and delivered to appellant a certificate setting forth such sale. That thereupon appellant went to the said San Joaquin Valley Bank, presented the said sheriff’s certificate and demanded that said bank deliver to him said five hundred shares of stock, saying he would pay whatever the bank had against the said stock. He demanded, also, that the bank assign to him the said $1,200 mortgage of the Condys and that he would pay the note or whatever was due on it. The bank refused to comply with this demand, and also refused to give him the said stock. Appellant then went to the office of the Samson Iron Works and, presenting his said sheriff’s certificate of sale, demanded that said Samson Iron Works issue to him a new certificate of stock for said five hundred shares.