Sargent v. Franklin Insurance
Massachusetts Supreme Judicial Court
This was assumpsit to recover damages of the defendants for refusing to transfer to the plaintiffs, (copartners,) on the books of the company, and deliver to them a certificate of twenty-five shares of the capital stock of the company, standing in the names of Adams & Amory, and alleged to have been assigned by them to the plaintiffs.
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This was assumpsit to recover damages of the defendants for refusing to transfer to the plaintiffs, (copartners,) on the books of the company, and deliver to them a certificate of twenty-five shares of the capital stock of the company, standing in the names of Adams & Amory, and alleged to have been assigned by them to the plaintiffs. Adams & Amory had held a certificate of these shares,'dated February 10, 1824, and made an instrument of assignment of the same to the plaintiffs, dated May 24, 1826. On the 'next day, Maj 25th, before 12 o’clock, and during business hours, Brooks, one of the…
1Opinion of the Court
Putnam J.
delivered the opinion of the Court. We think it cannot be maintained, that the right to the shares in the capital stock of this corporation cannot be transferred without a literal compliance with the by-laws. It is personal property. 3 Dane’s Abr. 108; 5 Dane’s Abr. 157. It might be conveyed by will; it might descend from an intestate to his heir. It may be assigned without deed, by a delivery of the certificate with an indorsement upon it for a valuable consideration. Quiner v. Marblehead Ins Co., 10 Mass. R. 476. And in such cases the legatee, heii or assignee would be entitled to…
2Cases cited10 opinions
- The BANK OF COLUMBIA v. PATTERSON’S Adm’rSupreme Court of the United States · 1813
- Gray v. President of the Portland BankMassachusetts Supreme Judicial Court · 1807
- Egberts v. WoodNew York Court of Chancery · 1831
- Baker v. Wheeler & MartinNew York Supreme Court · 1832
- Chesapeake and Ohio Canal Company v. Knapp and OthersSupreme Court of the United States · 1835
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3Cited by2 opinions
- Bankers Trust Co. v. McCloySupreme Court of Arkansas · 1913
- Harr v. Bankers Securities Corp.Superior Court of Pennsylvania · 1937