Law Commons^™

Corporations - Conversion Of Corporate Stock

Michigan Law Review

The defendant acquired in good faith certain stock certificates, each bearing an indorsement purporting to be that of the plaintiff. The certificates had been stolen from the plaintiff and the indorsements were forged. Upon learning that these certificates were in the possession of the defendant the plaintiff demanded their return, which was refused without qualification. The plaintiff then brought an action of trover to recover as damages the value of the stock. The Appellate Division limited the recovery to damages incurred by way of expenses, profits lost, or otherwise, flowing from the wrongful detention of the certificates as distinguished from …