Parkhurst v. Investors Syndicate

The opinion of the court was delivered by

Dawson, J.:

This was an action to construe and to recover on certain monetary obligations issued by defendant and designated “accumulative installment certificate,” of which plaintiff had become the owner by assignment from various former holders. Plaintiff presented the certificates to defendant for registration in his name together with the transfer fee prescribed for that service. Defendant registered the certificates in plaintiff’s name but also stamped them “not transferable” for the avowed purpose of preventing their further availability for sale,…