Carroll v. Mullanphy Savings Bank
Missouri Court of Appeals
Appeal from the St. Louis Circuit Court. The board of directors have no right to create a lien upon its corporate stock by a mere by-law, unless the power is expressly granted by the statute or its articles of association. —Byron v. Carton, 22 La. An. 98 ; Bank v. Bank, 20 N. Y.-501; Arnold v. Bank, 27 Barb. 424; Rosenback v. Bank, 53 Barb. 495; Conklin v. Bank, 53 Barb. 512 ; Steamship Dock Co. v. Heron, 52 Pa.
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Appeal from the St. Louis Circuit Court. The board of directors have no right to create a lien upon its corporate stock by a mere by-law, unless the power is expressly granted by the statute or its articles of association. —Byron v. Carton, 22 La. An. 98 ; Bank v. Bank, 20 N. Y.-501; Arnold v. Bank, 27 Barb. 424; Rosenback v. Bank, 53 Barb. 495; Conklin v. Bank, 53 Barb. 512 ; Steamship Dock Co. v. Heron, 52 Pa. St. 280 ; Ang. & Ames on Corp., sect. 355 ; 2 Sawyer, 108 ; Bank v. Bullard, 18 Wall. 590, 591. The assignment of the stock, though not entered on the books of the corporation, was…
1Opinion of the CourtHayden, J.
This is an action to recover damages sustained, as the plaintiff alleges, through the failure of the defendant to allow the transfer on its books of ten shares of its capital stock, which belonged originally to one Schulenburg. Schulenburg, being indebted to the firm of Carroll & Powell, on the 13th of October, 1877, pledged the certificate of these shares to secure payment of a promissory note made by him and delivered to Carroll & Powell, to whom he also delivered a power of attorney authorizing them to transfer the stock on the books of the bank. A written pledge authorized the pledgees to…
2Cases cited12 opinions
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- Chouteau Spring Co. v. HarrisSupreme Court of Missouri · 1855
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