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Commercial Paper And The Conflict Of Laws, George W. Stumberg

Vanderbilt Law Review

Certificates of stock, bonds and other negotiable paper are apt to be regarded by business men as the equivalents of tangibles and, so, are normally dealt with by them as such. Nevertheless, stock certificates and negotiable paper represent intangibles. A stock certificate, for example, represents a share in the corporation. The owner of the share has a number of inchoate claims which are not always susceptible of exact delineation. Theoretically the owner is entitled to his proper share of the balance remaining on hand after discharge of obligations upon the dissolution of the corporation. He is also entitled to dividends; …