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Full-Text Articles in Securities Law
Corporations - Situs Of Stock For Purpose Of Transfer
Corporations - Situs Of Stock For Purpose Of Transfer
Michigan Law Review
O, of New York, owned certificates of stock in a Delaware corporation, which were indorsed in blank. E stole the certificates and sold them to P, who purchased in good faith and sent them in for transfer on the books of the corporation. On refusal of the corporation to make the transfer, P sued in Delaware for conversion, claiming that the title was transferred under the law of New York where he purchased. Held, under sec. 72 of the Delaware General Corporation Law (Rev. Code 1915, sec. 1986) "the situs of stock in a Delaware Corporation, in a suit …
Trusts-Duty Of The Trustee To Sell Stock In A Falling Market
Trusts-Duty Of The Trustee To Sell Stock In A Falling Market
Michigan Law Review
Securities were turned over to defendant as trustee, among which were issues of common stock in two sugar companies, under the direction that the trustees were authorized to continue all investments of the testator without any personal liability in doing so. In the executor's accounting the stocks were valued per share at $22 and $12.25 respectively. In the present accounting, instituted by the beneficiary on becoming entitled to the corpus of the trust estate, the stocks had fallen to $7 and $.50 respectively. The trust company was experienced in the handling of securities and its officers were advised not to …