The Montgomery advertiser., 1909-03-14
Head Notes of tue Decisions
 of the Alabanaa Supreme Court
STOKES ys. pIMMICK

o4OAEo VIZ. blnAmASN-
 Bill to Subject Property Pledged fol the Payment of Debts and for z
 Receiver.-(Decided July B. 1s0ss- 4s South. e6.) (Rehearing denied DecEmbei ?f, i9o8.)
 1 1. Abatement and revival; pendenc3 of other action; identity of parties and cause.-The pendency of a bill filed |, S. against a certain railway compan, and D. and J.. who. with S.. consti' tuted its board of directors. praying for a receiver to take charge and op crate the road. and for the construc' | tion of a contract between S. and D to. ascertain whether any of the in debtedness incurred under the con tract is 8 proper charge against the railroad company and also to marshall | the securities and for 0 sale of the company's property to pay it's debts | and distribute its assets. Is not bal 1 to a subsequent bill filed by D. fn- dividually against $. individually foI the appointment of recelver to take charge of certain timber interests own l ed jointly by D. and s. and or the shares and stocks of the company own- ed by S. and alleged to have been pledged by him to D. for money ad- vanced him by D, and praying that the property be sold and subjected 10 the payment of debts; the first bill relating entirely to corporate matters and the second 70 individual interests. 2. Pledges; constr2ct!on of cont act The agreement by which D. advar ced money to s. for which s. pledged his interest in timber and stock in 2 Iail- road to secure repayment, and pro- viding that D. should be first paid out of the proceeds of, the timber be- fore S. should receive anything there At n tc ,nt s,n- titled to be paid It all, if he and 6. cannot agree on the sale Of the timber.
 B. Same; enforcement-Where the in- terest of one person in standing timber with a right to remove the same Is pledged to another for the repayment of money advanced. and the time lim : ited for the removal of the timber Is close at hand, and the state or feeling between the pledgor and the pledgee is such that they probably cannot agree, and the contract of pledge fails to pro- vide for the enforcement of the lien. equity will supply the remedy and en- force the lien.
 4. Same; time for payment-Where no time is fixed for the payment of a debt, to secure which, property Is pledged. the law will presume a pres ent liability.
 5. Same; foreclosures; prayerAAl- though the bill asking for a reeeiv- CT in the prayer thereof, mentions only one tract of land, where the bill itself shows that the interest In sev- eral tracts of standing timber wore pledged for the repayment of various amounts advanced, such bill and pray CT does not seek to split up securities by selling only part thereof, espe- cially when a prayer afterwards added asked for a decree ordering sale of all the property pledged.
 6. Same-Where the clear intent of the prayer, is for a decree for sale of the property pledged for the pay ment of the debt, it will be so con- strued alth ough there was an omission of some words in the prayer. This defect should have as31 reached by demurrer.
 [. Same debts sccIred-Where the pledge made was to secure to ;he con- plainant any debt he might have to pay for the A. c. R. R. Co.,, and there after said company authorized It's vice president to borrow money to effectu- ate trade with the M. and o. R. R. Co.,
 whereby the said company should can eel a claim held against the A. c. R
 Co, and transfer property to it, but
 instead thereof the complainant pur- chased the property from the M. and o. R. R. Co.,, and took a transfer of il and the assignment of the debt, the matter was not covered by the pledge
 Appeal from Montgomery City Court Heard before Hon. A. D. Sayre. 1 Affirmed. Opinion by Simpson, J.
 Tyson, c. J., Anderson and Denson H. concur.