Owens v. Atlanta Trust & Banking Co.
Supreme Court of Georgia
Mandamus. Before Judge Lumpkin. Eulton superior court. January 2, 1905. John S. Owens brought a proceeding agains.t the Atlanta Trust and Banking Company, to compel the defendant to make a transfer on its books, and issue to him a certificate for 28 3/10 shares of the capital stock, which he purchased at sheriff’s sale under an execution against Charles Runnette, the former owner of said stock.
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Mandamus. Before Judge Lumpkin. Eulton superior court. January 2, 1905. John S. Owens brought a proceeding agains.t the Atlanta Trust and Banking Company, to compel the defendant to make a transfer on its books, and issue to him a certificate for 28 3/10 shares of the capital stock, which he purchased at sheriff’s sale under an execution against Charles Runnette, the former owner of said stock. The Trust Company defended on the ground that under it¡s by-laws it had a lien upon the shares for any indebtedness due it by a stockholder; that, prior to the rendition of the judgment under which the…
1Opinion of the CourtLamar, J.
(After stating the facts.) Whatever may have been the former doubts on the subject (Tuttle v. Walton, 1 Ga. 43), the statute now declares that corporations may. pass by-laws for .the creation of a lien on the shares of the stockholder. Civil Code, § 2825. Within the field of its operations the by-law is automatic. The moment the shareholder becomes indebted to the corporation, that moment the lien attaches. It is good between the company and the stockholder. But it is not good against those who at public or private sale purchase without notice of its existence. Nor is it good against bona…
2Cases cited6 opinions
- Bates & Co. v. ForsythSupreme Court of Georgia · 1882
- Zimmer v. DansbySupreme Court of Georgia · 1876
- Bank of Culloden v. Bank of ForsythSupreme Court of Georgia · 1904
- Bell v. StewartSupreme Court of Georgia · 1896
- Tuttle v. WaltonSupreme Court of Georgia · 1846
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3Cited by15 opinions
- Phelps v. StateCourt of Appeals of Georgia · 1911
- Southern Flour & Grain Co. v. Northern Pacific Railway Co.Supreme Court of Georgia · 1907
- Fourth National Bank v. Swift & Co.Supreme Court of Georgia · 1925
- Prudential-Bache Securities, Inc. v. Bartow County BankCourt of Appeals of Georgia · 1988
- Hartsfield Loan & Savings Co. v. GarnerSupreme Court of Georgia · 1937
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