Leggett v. . the Bank of Sing Sing
New York Court of Appeals
This was an action upon the case for the refusal of the defendant to permit the transfer upon its hooks of twenty shares of the capital stock of the bank to the plaintiff as the assignee of one William E. Leggett. The cause was tried before a referee; and, upon the trial, it appeared that Leggett was one of the original associates in the organization .of the bank, and became the holder-and owner of, twenty shares, of one hundred dollars each, of its capital stock.
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This was an action upon the case for the refusal of the defendant to permit the transfer upon its hooks of twenty shares of the capital stock of the bank to the plaintiff as the assignee of one William E. Leggett. The cause was tried before a referee; and, upon the trial, it appeared that Leggett was one of the original associates in the organization .of the bank, and became the holder-and owner of, twenty shares, of one hundred dollars each, of its capital stock. The articles of association required suitable books to be kept by the directors for the registry and transfer of the shares, and…
1Opinion of the Court
■ Weight, J.
The real inquiry is, was there a “debt due” from Leggett to the bank, within the meaning of the articles of association, at the time the transfer of the stock was demanded. It is not the question, whether, at the time the plaintiff became the equitable owner of the stock, by a secret, undisclosed sale, the shareholder was such debtor; nor whether the indorser of a.promissory note, whose liability has not been fixed, falls within the class of debtors in respect to whom the lien was intended to attach. It may be conceded that it must be a fixed liability of the shareholder himself.…
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