Lesassier v. Kennedy
Supreme Court of Louisiana
APPEAL from fclie Fifth District Court for the Parish of Orleans. Boyers, J. The sale of shares of stock in a corporation is perfect as between the vendor and the purchaser, by the agreement to sell followed by payment of the price, delivery of certificates, and by tbe vendor signing the transfer book of the corporation, so as to enable the purchaser to fill up his name as transferee in the transfer book, and such sale puts upon the purchaser all the risks and ownership…
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APPEAL from fclie Fifth District Court for the Parish of Orleans. Boyers, J. The sale of shares of stock in a corporation is perfect as between the vendor and the purchaser, by the agreement to sell followed by payment of the price, delivery of certificates, and by tbe vendor signing the transfer book of the corporation, so as to enable the purchaser to fill up his name as transferee in the transfer book, and such sale puts upon the purchaser all the risks and ownership accruing after such sale. Angelí & Ames on Corporations, secs. 353, 354. But under the National Banking Act, no one is…
1Opinion of the Court
The opinion of the Court was delivered by
MANNING, J.
On Feb. 24, 1873, the plaintiffs sold to defendant forty shares of the capital stock of the Crescent City National Bank for fifty dollars a share, and delivery was made. The purchase was made through Fcinour a broker. The xdaintiffs transferred the shares by signing tlie transfer on the proper book of the bank, leaving a blank for the name of the transferree.
Eleven days before, Fob. 13th, the London correspondents of the Bank had failed, and it had lost nearly the whole of its capital thereby. This disaster had affected its credit instantly…
2Cases cited2 opinions
- Johnson v. . UnderhillNew York Court of Appeals · 1873
- Davis v. StevensU.S. Circuit Court for the District of Southern New York · 1879
3Cited by4 opinions
- Ohio Valley National Bank v. HulittSupreme Court of the United States · 1907
- Wright v. KeeneMontana Supreme Court · 1928
- Penna. Co. v. ClarkSupreme Court of Pennsylvania · 1940
- Midwest State Bank v. SandidgeSupreme Court of Kansas · 1930