Ellington v. Raleigh Building Supply Co.

The question involved: Has Mrs. M. M. Holding, who holds a certificate for seventy shares of stock in defendant company of the par value of $100 a share, fully paid, denominated preferred stock in the certificate, by reason of stipulations in defendants’ charter and referred to in the certificate a first lien on the real property of the defendant, superior to the general creditors of defendant company which is insolvent? We think not.

The provision in the charter (a) : “It is further provided that the holders of said shares of the preferred stock shall have and to them is hereby conveyed in…