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Full-Text Articles in Securities Law
Corporations - Negotiability Of Stock Certificates - Uniform Stock Transfer Act, Charles R. Linton
Corporations - Negotiability Of Stock Certificates - Uniform Stock Transfer Act, Charles R. Linton
Michigan Law Review
Plaintiff holding company was incorporated with Murtland and two dummies as shareholders and officers. Murtland pledged a stock certificate, representing shares of another corporation owned by his corporation, with the defendant bank to secure a personal loan; an assignment and power of attorney was executed by the plaintiff through Murtland and one of the dummy shareholders as officers, the other shareholder having knowledge of the transaction. Upon the bankruptcy of Murtland, defendant sought to sell the collateral; plaintiff seeks to enjoin the sale on the ground that the assignment had not been authorized by its board of directors. Held, …
Pledge - Liability Of Pledgee For Depreciation Of Corporate Stock
Pledge - Liability Of Pledgee For Depreciation Of Corporate Stock
Michigan Law Review
The plaintiff brought suit to recover the value of a promissory note for which the defendant had pledged corporate stock as collateral security. Defendant filed a counterclaim for the depreciation in value of the stock between the time he had requested the plaintiff to sell and the time of bringing the suit. Held, that plaintiff was not liable for the depreciation of the stock since the pledgor had made no offer to pay pledgee such sum as would together with the price for which the stock could have been sold satisfy the note. People's Nat. Bank & Trust Co. …