United North & South Development Co. v. Rayner

DAWKINS, District Judge.

Appellant, defendant below, appeals from a judgment for the sum of $94,257.45, found by the court below to be the value at $8.05 a share of 11,709 shares of its capital stock, which it had refused to transfer on the demand of the holder appellee, plaintiff below. The basis of this judgment was that the refusal under the circumstances shown by this record amounted to a conversion. The parties will be referred to as they stood in the lower cou-rt.

On March 24, .1934, one Edgar B. Davis, who owned a large majority of defendant’s stock, pledged to the plaintiff, under blank…