A Treatise On Stock And Stockholders Bonds Mortgages And General Corporation Law

This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1889 edition. Excerpt: ...to issue new certificates of stock to a purchaser of stock at an execution sale unless such purchaser give to the corporation a. bond of indemnity, whereby an unknown purchaser of the outstanding certificate may be protected.' The other course open to the corporation, that of allowing a registry by the purchaser at the execution sale without being compelled to do so by a court, is pursued by the corporation at its peril. If it afterwards transpires that the outstanding certificate had been purchased before the attachment or execution was levied, the corporation is liable in damages to such purchaser for allowing the registry, ' but not unless such purchaser gave a valuable consideration for the certificate and alleges that fact in his pleading." Until such purchaser demands a. registry from the 1 " Where a judicial tribunal of competent jurisdiction of last resort, after a fair contest in good faith by the corporation, orders the stock to be transferred to the purchaser under such seizure and sale, the corporation cannot be liable to the holder of the certificate who took no. steps to protect himself." Friedlander 'u. Slaughter-house Co., 31 La. Ann., 523 (1879). Vhere, also, the unregistered transferee contested in the courts the right of the purchaser at the execution sale, and was defeated in the lower court, and appealed without staying the decree below, the corporation is not liable for obeying the decree of the lower court. although the appeal is successful. Chapman 12. New Orleans Gas Light, etc., Co., 4 La. Ann., 153 (18-19). flsee 359, ass. 3 The supreme court of Ohio, in Nat'l B'k of N. L. v. Lake Shore & M. S. R. R. Co., 21 O. St., 221 (1871), very properly and very...

Excerpt from A Treatise on the Law of Corporate Bonds and Mortgages: Being the Second Edition of "Railroad Securities," Revised The author, in writing his Treatise on the Law of Mortgages of Real Property, at first intended to follow out the application of the general law of the subject to mortgages made by railroad com panies and similar corporations but he found that any treatment he could give these special topics within the limits of that work would, from its brevity, be wholly unsatisfactory. This fact, to gether with the consideration that nearly all the adjudications upon corporate mortgages relate to matters mostly foreign to the general Law of Mortgages, led the author to omit these matters from his work upon the general subject. The present volume is intended to make good that omission. It has been the purpose of the author not to include in the pres ent treatise subjects elementary or general in the Law of Mort gages. The public nature of railroad and other like corporations, having public duties to perform, in return for the franchises granted them, and the nature and extent of their property, have introduced into mortgages of their franchises and property new elements of law which have now developed into a separate branch of jurisprudence. A glance at the Table of Contents of this vol ume will show how widely the topics considered differ from those which arise under ordinary mortgages; and even when the titles are the same, an examination of the contents will generally show that, as applied to these corporate securities, the substance of the law is different. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.