Cobb v. Bank of Martin

One who, though acting in good faith and without any effort to avoid liability on his own part, voluntarily undertakes to give to a minor stock in a bank, and has the certificate issued in the child’s name, remains liable to assessment as a stockholder as the true owner of the stock, for the reason that minors are incapable of assenting to such a transfer so as to incur the liability imposed by the statute. The minor, on coming of age, would have a right of election either to affirm or avoid the entire transaction; in the meantime, the transfer of the stock having resulted to the child’s…