Merchants & Mechanics Bank v. Boyd Co.

1. If a transferee of stock, having authority himself to transfer and assign the same, becomes the debtor of another and pledges the stock to secure the payment of the debt, the pledgee would have the right to collect the dividends paid upon this stock in liquidation of the affairs of the corporation and in effecting a dissolution of the corporation, upon giving notice to the corporation issuing the stock. But if such dividends had been paid out to the original holder of the shares of stock, and in whose name the shares stood upon the books of the company, before the corporation or its…