Williamson v. Anderson

Headnote

Stock—Transfer.

One to whom a certificate on its face transfers stock absolutely, and as the unqualified owner thereof, has prima facie a right to have the stock transferred to him on the books of the corporation.

Appeal from special term.

Action by David Williamson against Henry B. Anderson and others. From a judgment for plaintiff defendant Anderson appeals.

Affirmed.

The following is the opinion of the court below (HISCOCK, J.):

The plaintiff is the holder and in possession of, and produces upon the trial of this action, a certificate transferring to him absolutely, and as the unqualified owner of sixty-nine shares of the capital stock of the above-named defendant company, and seeks to compel said company to transfer said stock to him upon its books. The defendants, and principally, it appears, the defendant Anderson, dispute his right to have said stock so transferred, claiming that he holds the same as security, and not as an absolute owner. A somewhat involved explanation has been offered by the evidence of the defendants to sustain such theory of security or qualified ownership. ' After considering the same, however, in the light of plaintiff’s evidence contradicting such theory, and in the light of the prima facie right which plaintiff has upon the face of the certificate to have it transferred to him, I am of the opinion that .the latter has established his right to the relief claimed, and that he should have judgment compelling such transfer, etc. Findings or decision and judgment in accordance herewith, with costs against both defendants, may be prepared by plaintiff; and, if not satisfactory in form to defendants, they may submit amendments.