Sherwood v. Meadow Valley Mining Co.
California Supreme Court
Appeal from the District Court, Fourth Judicial District, City and County of San Francisco. On the 30th day of November, 1872, Henry Schmeidell, a broker in San Francisco, owned twenty shares of the stock of the defendant, a corporation organized for mining purposes, and received the following certificate: “Twenty Shares. No. 7405. “Meadow Yalley Mining Company. “ Incorporated May 15th, 1869. “ Capital §6,000,000. 60,000 shares—§100 each.
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Appeal from the District Court, Fourth Judicial District, City and County of San Francisco. On the 30th day of November, 1872, Henry Schmeidell, a broker in San Francisco, owned twenty shares of the stock of the defendant, a corporation organized for mining purposes, and received the following certificate: “Twenty Shares. No. 7405. “Meadow Yalley Mining Company. “ Incorporated May 15th, 1869. “ Capital §6,000,000. 60,000 shares—§100 each. “ San Fuancisco, November 30, 1872. “ This certifies that H. Schmeidell, trustee, is the owner of twenty (20) shares of the capital stock of the Meadow…
1Opinion of the Court
By the Court :
In Atkins v. Gamble (42 Cal. 99), we held that certificates of stock in a corporation are not negotiable securities in a commercial sense; but are mere muniments and evidences of the holder’s title to a given share in the property and franchises of the corporation of which he is a member. We do not think it necessary to again go over the reasoning, or *415engage in a review of the authorities by which the conclusion is maintained. Mr. Parsons, in a note to the sixth edition of his work on Contracts (vol. 1, p. 290), after a somewhat extended citation of the authorities upon the…
2Cases cited1 opinion
- Atkins v. GambleCalifornia Supreme Court · 1871
3Cited by7 opinions
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- Craig v. Hesperia Land & Water Co.California Supreme Court · 1896
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