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Received from Charles L. Freer, Bonds of the Laurentide Pulp Company of the par value of $15,000.00.

The said bonds have been borrowed by me from Charles L. Freer for my personal use as collateral security at the State Savings Bank of Detroit.

These bonds are to be returned to Charles L. Freer on his demand.

As collateral security to Charles L. Freer, I have deposited with him my promissory note payable on demand for $15,000.00, also Certificate #14 for 250 shares of Common Stock in the Thomas Forman Company, of the par value of $25,000.00.

In the event of my failure to return on demand all of the bonds aforesaid, Charles L. Freer has the right to sell at private or public sale all or part of the stock herein mentioned, or to dispose of the same in such manner as in his judgement will best protect his interests.