Mobile Mutual Insurance v. Cullom
Supreme Court of Alabama
Appeal from the Chancery Court at Mobile. Heard before the Hon. Adam C. Felder. The appellant was incorporated by act of the legislature of this State, approved February 6, 1866 ; the 5th and 12th sections of said act of incorporation being in the following words: — “ Sec. 5. lie it further enacted, That each and every subscriber to the stock of said company shall, at the time of subscription, pay to the person or persons receiving the subscriptions for the company ten per…
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Appeal from the Chancery Court at Mobile. Heard before the Hon. Adam C. Felder. The appellant was incorporated by act of the legislature of this State, approved February 6, 1866 ; the 5th and 12th sections of said act of incorporation being in the following words: — “ Sec. 5. lie it further enacted, That each and every subscriber to the stock of said company shall, at the time of subscription, pay to the person or persons receiving the subscriptions for the company ten per cent, upon the amount subscribed for by him ; and for the residue of the amount subscribed shall execute his promissory…
1Opinion of the CourtBrickell, J.
— The common law regards the shares composing the capital of an incorporated company as personal property, capable of alienation or succession in any of the modes by which that species of property may be transferred. Angelí & Ames on Corporations, § 557; Sargent v. Franklin Ins. Co. 8 Pick. 90. Thus regarding such shares, a lien or equity in favor of the corporation, to charge them with a debt due from the shareholder, could not be implied. Heart v. State Bank, 2 Dev. Eq. 111; Ang. & Ames on Cor. § 355; Steamship Dock Co. v. Herron, 52 Penn. 280. When the rights of third persons, accruing by…
2Cases cited5 opinions
- Robert Y. Brent, Surviving of Robert Brent, Use of the United States v. The President and Directors of the Bank of WashingtonSupreme Court of the United States · 1836
- Union Bank of Georgetown v. LairdSupreme Court of the United States · 1817
- Stebbins v. Phenix Fire InsuranceNew York Court of Chancery · 1831
- Cunningham v. Alabama Life Insurance & Trust Co.Supreme Court of Alabama · 1843
- Rogers v. Huntingdon BankSupreme Court of Pennsylvania · 1824
3Cited by4 opinions
- First Nat. Bank v. Huntsville Bank & Trust Co.Supreme Court of Alabama · 1925
- Birmingham Trust & Savings Co. v. East Lake Land Co.Supreme Court of Alabama · 1893
- Ensley Mortgage & Loan Co. v. ChadwickSupreme Court of Alabama · 1931
- Woods, Slaybeck & Co. v. RocchiLouisiana Court of Appeal · 1884