Question: Linhart owned shares of stock in First National Bank She
Linhart owned shares of stock in First National Bank. She borrowed money from the bank and pledged the stock as security. She later decided to transfer 70 head of cattle and the shares of stock to her son, but she could not deliver the share certificate to him because it was held by the bank. She therefore executed a bill of sale reciting the transfer of the cattle and the stock to the son. She gave him the bill of sale, and he had the bill recorded. After her death, the son brought an action to determine the ownership of the stock. Was the son the owner of the shares?
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