Bank of Culloden v. Bank of Forsyth
Supreme Court of Georgia
Complaint. Before Judge Clark. City court of Forsyth. September 8, 1903. The Bank of Culloden was incorporated October 11, 1897, under the provisions of the Civil Code, §§ 1903 .et seq. On January 6, 1898, it adopted the following by-law: “No transfer of stock shall be valid until entered on the books of the bank and all arrearages paid.
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Complaint. Before Judge Clark. City court of Forsyth. September 8, 1903. The Bank of Culloden was incorporated October 11, 1897, under the provisions of the Civil Code, §§ 1903 .et seq. On January 6, 1898, it adopted the following by-law: “No transfer of stock shall be valid until entered on the books of the bank and all arrearages paid. Such transfer must be made at least 15 days before an election, to entitle the holder thereof to vote; and it is expressly understood that this bank has a lien on all stock to the extent of indebtedness of each or any stockholder, whether such indebtedness is…
1Opinion of the CourtLamar, J.
(After stating the foregoing facts.) The Bank .of Culloden was incorporated under the. Civil Code, § 1903, and not under the act of 1891 (Acts 1890-1, p. 172). It can not, therefore, claim a.charter lien by virtue of the amending act approved December 20, 1893 (Acts 1893, p. 78). Its defense to the present suit must rest solely upon the by-law lien, under the Civil Code, § 2825. If the face of the scrip had indicated the existence of such lien, every purchaser or pledgee would thereby have been put on inquiry, and would have taken subject to the claim of the bank for any debt due at the date…
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