Cummins v. People's Building, Loan & Savings Ass'n

Charles D. Cummins purchased of one Sallie Thomas certain shares of stock in the People’s Building, Loan & Savings Association, of New York, the certificate therefor being by Thomas duly indorsed and delivered to him. He transmitted the certificate, together with the proper-fee, to the secretary of the association and demanded that he enter the transfer upon the books of the corporation. To this demand the secretary replied as follows: “We have your favor of the 3rd enclosing certificate No. 3565 for transfer from Sallie Thomas to yourself. This certificate is security, under the articles of…