Heart v. State Bank
Supreme Court of North Carolina
The bill was filed in Wake, and the case made by it was, that one Barnes, being insolvent, conveyed all his property to the plaintiff, for the purpose of securing Ms debts ; that among other things there were five shares of stock in the State Bank ; that the plaintiffs under a power fr0Jn Barnes applied to have the stock transferred, upon the books of the bank, into their names which was refused. The bill prayed that the defendants might be compelled to transfer the stock.
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The bill was filed in Wake, and the case made by it was, that one Barnes, being insolvent, conveyed all his property to the plaintiff, for the purpose of securing Ms debts ; that among other things there were five shares of stock in the State Bank ; that the plaintiffs under a power fr0Jn Barnes applied to have the stock transferred, upon the books of the bank, into their names which was refused. The bill prayed that the defendants might be compelled to transfer the stock. The answer admitted the facts stated in- the bill, but alleged that Barnes was indebted to them, and insisted that they…
1Opinion of the Court
Habí, Judge.
Stock in a bank is the subject of sale and of purchase ; and the mode of transferring it is pointed out by law. It is ás free from incumbrance as any other part of the debtor’s property. The president and directors of the bank have the management and control of it, for ordinary hanking purposes ; hut they have no lien upon it for any debt, which the holder of it may owe to the hank. The stockholder borrows money from the bank upon giving security for the payment of it, as any other person does who is not a stockholder; and the money is loaned upon the strength of such security ;…
2Cited by2 opinions
- Boyd v. . ReddSupreme Court of North Carolina · 1897
- First Bank & Trust Co. v. WhippSupreme Court of Iowa · 1941