Alford v. Laurel Improvement Co.
Mississippi Supreme Court
Feom the circuit court of J ones county. Hon. John E. Enochs, Judge. Alford, the appellant, was plaintiff, and the improvement company, the appellee, defendant in the court below. The action was replevin for a certificate of stock in defendant company. From a judgment in defendant’s favor the plaintiff appealed to the supreme court.
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Feom the circuit court of J ones county. Hon. John E. Enochs, Judge. Alford, the appellant, was plaintiff, and the improvement company, the appellee, defendant in the court below. The action was replevin for a certificate of stock in defendant company. From a judgment in defendant’s favor the plaintiff appealed to the supreme court. The Laurel Improvement Company, defendant corporation, sold $2,000 of its stock to appellant, taking his note for the $2,000 in payment therefor,, and by agreement held the note and the certificate of stock as collateral security for the note. Afterwards the…
1Opinion of the CourtTeuly, J.
It is perfectly apparent on a careful inspection of this record that appellant’s right to have delivered to him any certificate of stock in the Laurel Improvement Company was dependent solely on his payment of the promissory note given for the par value of the stock subscribed for by him in the first instance. N The subsequent issue of stock under the guise of a fictitious dividend, by which each holder of stock had his holding doubled, gave appellant no right to demand delivery of the stock gratuitously issued, because he had never paid for the stock originally issued to him, and hence no…
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