Anglo-Californian Bank, Ltd. v. Grangers' Bank
California Supreme Court
Appeal from a judgment of the Superior Court of the city and county of San Francisco, and from an order refusing a new trial. The stock in question was transferred to the plaintiff by one Fowler as security for the payment of a debt previously contracted, the time of payment being extended in consideration of the transfer.
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Appeal from a judgment of the Superior Court of the city and county of San Francisco, and from an order refusing a new trial. The stock in question was transferred to the plaintiff by one Fowler as security for the payment of a debt previously contracted, the time of payment being extended in consideration of the transfer. The stock was represented by a certificate issued to Fowler as the owner thereof, and the transfer to the plaintiff was regularly made by assignment and delivery of the certificate. At the time of the transfer, Fowler was indebted to the defendant in a large amount, and the…
1Opinion of the CourtSharpstein, J.
The court found that prior to and at the time of the transfer of thirty shares of the capital stock of the corporation defendant, by one Fowler to the corporation plaintiff, said Fowler was indebted to the defendant in a sum greatly in excess of the value of said stock, and that said indebtedness had never been paid, and that by virtue of a by-law of said corporation defendant, it was justified in refusing to enter said transfer upon its books until said indebtedness should be paid. Said by-law reads as follows:—
“All transfers of stock shall be subject to all debts and equities in favor of…
2Cases cited2 opinions
- Bullard v. BankSupreme Court of the United States · 1874
- Driscoll v. . West Bradley C.M. Co.New York Court of Appeals · 1874
3Cited by13 opinions
- Brinkerhoff-Farris Trust & Savings Co. v. Home Lumber Co.Supreme Court of Missouri · 1893
- Bank of Atchison v. DurfeeSupreme Court of Missouri · 1893
- Green v. Caribou Oil Min. Co.California Supreme Court · 1919
- Newton v. Johnston Organ & Piano Manufacturing Co.California Supreme Court · 1919
- Grant County State Bank v. Northwestern Land Co.North Dakota Supreme Court · 1914
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