Purchase v. New York Exchange Bank
The Superior Court of New York City
In January, 1856, Erastus Wheaton transferred to the plaintiff five shares of the capital stock of the defendants’ bank. The transfer was by an instrument under seal, executed by Wheaton, whereby, for value received, he “ bargained, sold, assigned and transferred” unto the plaintiff, “five shares of the capital stock,” standing in his name on the books of the bank. The instrument of sale and transfer contained the usual power of attorney to transfer, &c.
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In January, 1856, Erastus Wheaton transferred to the plaintiff five shares of the capital stock of the defendants’ bank. The transfer was by an instrument under seal, executed by Wheaton, whereby, for value received, he “ bargained, sold, assigned and transferred” unto the plaintiff, “five shares of the capital stock,” standing in his name on the books of the bank. The instrument of sale and transfer contained the usual power of attorney to transfer, &c. The stock certificate for the five shares accompanied the transfer. On the 23d of January, 1857, the plaintiff presented the certificate and…
1Opinion of the Court
By the Court, Monell, J.
The articles of association subscribed by Wheaton, as well as the certificate of stock, provided that transfers of stock might be made on the books of the bank by the shareholder “ or Ms attorney, duly authorized in writingThe assignment or transfer executed by Wheaton, contained the Usual power of attorney, whereby the plaintiff was constituted the attorney of Wheaton, with authority to execute all necessary acts of assignment and transfer.
The assignment of the certificate of stock was entirely conformable with the regulations of the bank, and needed only the…
2Cases cited7 opinions
- Commercial Bank v. KortrightCourt for the Trial of Impeachments and Correction of Errors · 1839
- President, Directors & Co. of Mechanics' Bank v. New-York & New Haven RailroadNew York Court of Appeals · 1856
- Pollock v. . the National BankNew York Court of Appeals · 1852
- Squire v. YoungThe Superior Court of New York City · 1858
- United States v. PattersonSupreme Court of the United States · 1853
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