DICKINSON, District Judge.
The discussion in this cause has taken a wide range. It is in truth limited to a very narrow question. The bankrupt was the owner of so-called investment securities which he had pledged to different banks for loans. The pledge was accompanied with the usual form of collateral note. This gives the pledgee in effect the power to sell the pledge at will, to apply the proceeds to the repayment of the loan, and to turn over to the pledgor the...
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