Basting v. Northern Trust Co.
Supreme Court of Minnesota
Appeal by plaintiff from an order of the district court for Hennepin county, Belden, J., denying a motion for a new trial. The Minneapolis Times Company, after the payment of the delinquent call by Nimocks, recognized defendant as one of the shareholders and -waived the formalities of an actual transfer.
Read the full summary
Appeal by plaintiff from an order of the district court for Hennepin county, Belden, J., denying a motion for a new trial. The Minneapolis Times Company, after the payment of the delinquent call by Nimocks, recognized defendant as one of the shareholders and -waived the formalities of an actual transfer. The rule that a transferee of stock cannot be made liable for a call unless there be an actual transfer or registration on the books of the corporation is a rule adopted for the benefit and protection of the corporation, which may waive it. Cook, Stock & Stockh. § 258; Beach, Priv. Corp. §…
1Opinion of the CourtMitchell, J.
The plaintiff, as receiver of the Times Company, appointed in proceedings under G. S. 1894, § 5897, brought this action to recover a call on 75 shares of the capital stock of the insolvent corporation alleged to be owned by the defendant. The defendant denied that it was the owner of the stock. When plaintiff rested the court dismissed the action on the ground that the stock had never been transferred to defendant on the books of the corporation, and hence no relation of privity, such as to impose upon it the obligation of a legal stockholder, existed at the time the call was made. The…
2Cases cited9 opinions
- Keyser v. HitzSupreme Court of the United States · 1890
- Webster v. UptonSupreme Court of the United States · 1876
- Whitney v. ButlerSupreme Court of the United States · 1886
- Baldwin v. CanfieldSupreme Court of Minnesota · 1879
- Chouteau Spring Co. v. HarrisSupreme Court of Missouri · 1855
4 more not listed; retrieve them via the Exa API.
3Cited by9 opinions
- Harper v. CarrollSupreme Court of Minnesota · 1896
- Holland v. Duluth Iron Mining & Development Co.Supreme Court of Minnesota · 1896
- McMullan v. Dickinson Co.Supreme Court of Minnesota · 1896
- Oswald v. Minneapolis Times Co.Supreme Court of Minnesota · 1896
- Basting v. Northern Trust Co.Supreme Court of Minnesota · 1896
4 more not listed; retrieve them via the Exa API.