1. The question, raised in. this appeal is whether there can be a valid pledge of shares by the deposit of the share certificate when it is not accompanied by an instrument of transfer. The appellant instituted a suit in the Court of the District Munsif of Palghat to recover what was due on a promissory note executed by one Subramania Pattar in favour of one Ramakrishna Pattar, the instrument having been endorsed to the appellant. When the appellant demanded the amount due under the promissory note, the maker deposited with, him as security for payment a. share certificate in respect of shares held by him in the Parli Tile Works, Limited. The certificate was not accompanied by a deed transferring the shares to the appellant, but he claims that notwithstanding this there was a valid pledge of the shares. The suit was contested by the fourth defendant, who is the first respondent in this appeal. On a date subsequent to the deposit of the share certificate with the appellant the first respondent attached the shares by a prohibitory order issued under Order 21, Rule 46 of the Code of Civil Procedure. He denied that a valid pledge of the shares was created in favour of the appel