Stebbins v. Phenix Fire Insurance
New York Court of Chancery
The bill in this cause was filed to compel the defendants to permit a transfer to be made to the complainant, who was the cashier of the New-York Chemical Manufacturing Company, of twenty shares of the capital stock of the Phenix Fire Insurance Company, standing upon the books of the defendants in the namerof James Donaldson; and also for the payment of the dividends which had accrued on such stock.
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The bill in this cause was filed to compel the defendants to permit a transfer to be made to the complainant, who was the cashier of the New-York Chemical Manufacturing Company, of twenty shares of the capital stock of the Phenix Fire Insurance Company, standing upon the books of the defendants in the namerof James Donaldson; and also for the payment of the dividends which had accrued on such stock. The cause was heard on bill and answer, and the facts as admitted or stated in the answer were as follows : The stock belonged to Charles Mo watt previous to the 19 th of May, 1825, and was on…
1Opinion of the Court
The Chancellor.
By the eighth section of the act incorporating the Phenix Fire Insurance Company, (Laws of 1823, p. 114,) it is provided that the stock shall be assignable and transferable according to such'rules, and subject to such restrictions and regulations, as the directors shall establish.. And by the answer of the defendants, it appears that soon after the organization of this company, a by-law was made, and is still in force, by which it is declared that no transfer or assignment of stock shall be valid, unless made on the books of the company. This does not give to the company any…
2Cited by16 opinions
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- Reed v. CopelandSupreme Court of Connecticut · 1883
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