Wadlinger v. First National Bank
Supreme Court of Pennsylvania
Appeal, No. 252, Jan. T., 1903, by-defendants, from decree of C. P. Schuylkill Co., May T., 1903, No. 4, on bill in equity in case of John Wadlinger to use of the Pottsville Bank v. The First National Bank of Minersville. Bill in equity to compel a transfer of stock.
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Appeal, No. 252, Jan. T., 1903, by-defendants, from decree of C. P. Schuylkill Co., May T., 1903, No. 4, on bill in equity in case of John Wadlinger to use of the Pottsville Bank v. The First National Bank of Minersville. Bill in equity to compel a transfer of stock. Make, J., reported the facts to be as follows: 1. That John Wadlinger, on April 10, 1872, executed an irrevocable power of attorney to Henry Saylor, president of the plaintiff bank, for the transfer of ten shares of the capital stock of the defendant bank, and delivered the same with the certificate of stock attached, to the…
1Opinion of the Court
Opinion by
Mb. Chief Justice Mitchell,
This decree must be reversed for want of parties necessary to sustain it. The learned judge below was clearly right on the general principle of law that the holder of a certificate of stock, with an irrevocable power of attorney from the owner to transfer it, has the indicia of property and has and may convey a good title by transfer: Lightner’s Appeal, 82 Pa. 301; Shattuck v. American Cement Co., 205 Pa. 197; Cochran v. Fox Chase Bank, 209 Pa. 34. But in the present ease the complainant bank does not claim as owner, but as pledgee for a debt of the legal…
2Cases cited3 opinions
- Shattuck v. American Cement Co.Supreme Court of Pennsylvania · 1903
- Cochran v. Fox Chase BankSupreme Court of Pennsylvania · 1904
- Lightner's AppealSupreme Court of Pennsylvania · 1876
3Cited by2 opinions
- Commonwealth ex rel. Citizens National Bank v. CampSupreme Court of Pennsylvania · 1917
- Hanna v. Chester TimesSupreme Court of Pennsylvania · 1933