THE FARMERS BANK OF MARYLAND'S CASE. 397

the stock so held, against its delinquent debtor. The security,
which arises by operation of that clause out of such a state
of things, must be considered as a lien upon, or pledge of the
stock of the debtor to the bank, who must be permitted to stand
or proceed as a mortgagee in all respects whatever, (c) Con-
sidering the bank as a mortgagee of this stock, it might, as in all
similar cases, without a bill to foreclose, on giving notice to the
debtor, have proceeded to sell at public auction; and have applied
the proceeds of sale in satisfaction of its claim, and paid over the
surplus, if any. (d) Or if, after the bank had had the full benefit
of the security, which had thus accrued to it in virtue of this clause,
by a sale of the stock of its delinquent debtor, and it should turn
out, that the proceeds of such sale were not sufficient to satisfy its
whole claim, principal, interest and costs; then it might have sued
for and recovered the balance of the debtor, if living; or, as in
this instance have come in, for the amount so left unpaid, with the
other creditors for a due proportion of the assets of its deceased
debtor, (e)

But although the bank might have sold this stock without a bill
to foreclose, yet as it has hitherto and still does refuse to do so, I see
no just reason why it should not now be ordered to be sold, to
enable this plaintiff to settle up the estate of his intestate, and to
distribute the assets in due proportion among the general creditors
of the deceased; considering the bank as one of them only for so
much, if any, as shall remain unpaid after this stock, with the divi-
dends thereon declared and retained by it, have been so applied
toward the satisfaction of its claim. I shall, therefore, direct this
stock to be sold for this purpose, and transferred to the purchaser
accordingly; and also, that the dividends which may have been
declared before the day of sale, and which have been retained, shall
be, in like manner, applied towards the discharge of this claim of
the bank.

The amount of the debt due to the bank from the estate of the
intestate is not specified in the bill or in the answer, nor is it stated
what dividends have been declared on the stock; these I presume
are oversights, of which it is not the intention of either party to
take any advantage. Therefore, let the pleadings be corrected in
these particulars, and a decree be prepared accordingly.

(c) Union Bank v. Laird, 2 Wheat. 800.—(d) Powel Mortg. 962,-(e) Powel
Mortg. 1001,1081.

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