Majority
Headnote
Foreclosure op Pledge to Secure Note—Appeal—Stay-Bond—Supersedeas.—Upon appeal by the pledgor from a judgment foreclosing a pledge given as collateral security for a note, and directing a sale of the pledged property, the ordinary undertaking in the sum of three hundred dollars is sufficient to stay execution of the judgment, and where execution thereof is threatened this court will grant a writ of supersedeas to stay proceedings pending the appeal.This is an application for supersedeas upon the giving of the ordinary undertaking of three hundred dollars on an appeal from a judgment in an action brought by J. C. Cullen, as assignee of John R. Aitken, against the petitioner, Mary S. Rohrbaeher. The action of Cullen v.
To the petition filed herein respondents interposed a general demurrer. The question presented, therefore, is whether upon the facts stated in the petition the case falls within section 943 of the Code of Civil Procedure, as claimed by the respondent. That section provides, among other things, that if the judgment or order appealed from direct the assignment or delivery of documents or personal property, the judgment is not stayed unless the things required to be assigned or delivered be placed in the custody of such officer or receiver as the court may appoint, or unless an undertaking be given in the amount to be fixed by the court, to the effect that the appellant will obey the order of the appellate court upon the appeal; or if the judgment or order appealed from direct the sale of personal property upon the foreclosure of a mortgage thereon, the execution of the judgment or order cannot be stayed on appeal unless an undertaking be entered into in such amount as the court or judge thereof may direct, to the effect that the appellant will on demand deliver the mortgaged property to the officer, if the judgment be affirmed, etc. This, however, was not a mortgage of personal property, but was a pledge,—that is, a delivery of the certificate of stock and an assignment of the
The certificate of stock and order in question were personal property, and as such the former may be transferred by the owner. (Civ. Code, secs. 953, 954.) We may,.for the purposes of this case, assume that the latter also may be assigned. A pledge is a deposit of personal property by way of security for the performance of another act, and every contract by which the possession of personal property is transferred as security only is to be deemed a pledge. (Civ. Code, sees. 2986, 2987.) In the petition herein it is stated that the petitioner is not now in the possession of said personal property, and cannot, on demand or otherwise, deliver the said alleged pledged property to said R. H. Fitzgerald, the officer directed by said judgment and decree to sell the same, if the said judgment appealed from be affirmed, and that said J. C. Cullen is now in possession of said property, and can at any time deliver the same to said R. H. Fitzgerald should said appeal be affirmed. And it appears that the court below, by its finding and decree as well as by the allegation of the petition herein, treated the choses in action in question as having been transferred by way of pledge and within- the control and possession of the plaintiff in said action.
Shaw, J., Angellotti, J., McFarland, J., Beatty, C. J., and Lorigan, J., concurred.
Cases cited
- In re Estate of Schedel 69 Cal. 241 p. 633
- Born v. Horstmann 80 Cal. 452 p. 633
- McCallion v. Hibernia Savings & Loan Society 98 Cal. 442 p. 633