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Complete Home and Office Legal Guide (Chestnut) (1993).ISO
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7900a.sam
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1993-08-01
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45 lines
PLEDGE OF STOCK
Preston Knear, referred to as OWNER, and Malcolm Large, referred
to as CREDITOR, agree:
OWNER is indebted to CREDITOR in the sum of $ 6,000.00 ( six
thousand & no/100 dollars) for unpaid balance for purchase of the
stock;
to secure repayment of the debt, OWNER pledges to CREDITOR 500
shares of Common stock of Flim Flamms, Inc..
OWNER agrees to execute all necessary documents to perfect the
pledge.
So long as OWNER is indebted to CREDITOR, the CREDITOR shall have
the right to vote the shares.
CREDITOR shall be entitled to any dividends, and CREDITOR shall
credit the debt with the amount of the dividends collected.
CREDITOR may optionally reinvest the dividends, and any shares so
purchased shall be subject to the pledge.
If OWNER is current in the obligation underlying this pledge,
CREDITOR will release portions of the pledged stock as follows:
$5.00 ( five & no/100 dollars) per share
Dated: _________________________________________
______________________________________________________________
Preston Knear
______________________________________________________________
Malcolm Large