National City Bank v. Fairbank State Bank
Supreme Court of Iowa
Appeal from Black Hawk District Court. — Charles W. Mullan, Judge. Action in equity to enjoin a sheriff’s sale under execution of certain 150 shares of capital stock of the Black Hawk Building Company. The plaintiff bank claims to hold said shares as collateral security for a loan. The defendant bank, as a judgment creditor of the original owner of the shares, caused a levy of execution to be made upon such shares.
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Appeal from Black Hawk District Court. — Charles W. Mullan, Judge. Action in equity to enjoin a sheriff’s sale under execution of certain 150 shares of capital stock of the Black Hawk Building Company. The plaintiff bank claims to hold said shares as collateral security for a loan. The defendant bank, as a judgment creditor of the original owner of the shares, caused a levy of execution to be made upon such shares. The controversy between the parties turns upon the question whether the method adopted in the transferring of the shares as collateral security to the plaintiff was a sufficient…
1DissentDeemer, J.
(Dissenting) — Under the rule in this state, statutes regarding the transfer of corporate stock must be *494strictly followed, in order that a sale or pledge thereof may be binding upon anyone save the parties to such sale or pledge. Moore v. Marshalltown Opera-House Co., 81 Iowa 45; Ft. Madison Lumber Co. v. Batavian Bank et al, 71 Iowa 270; Ottumwa Screen Co. v. Stodghill, 103 Iowa 437; Perkins v. Lyons et al., 111 Iowa 192. It is entirely immaterial that a stranger had actual notice of the transfer or pledge, for the statute provides the only methods of transfer. See cases just cited. Before…
2Cases cited8 opinions
- President, Directors, & Co. of Newburgh & Cochecton Turnpike Road v. MillerNew York Court of Chancery · 1821
- Moore v. Marshalltown Opera-House Co.Supreme Court of Iowa · 1890
- Fort Madison Lumber Co. v. Batavian BankSupreme Court of Iowa · 1887
- Ottumwa Screen Co. v. StodghillSupreme Court of Iowa · 1897
- Wendel v. DurbinWisconsin Supreme Court · 1870
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