Alford v. Laurel Improvement Co.

Citations

• 86 Miss. 375

Syllabus

<p>1. Corporations. Shares of stock. Certificate. Replevin. Code 1893, §850.</p> <p>Replevin will not lie against a corporation for the recovery of a certificate for shares of its capital stock by a subscriber therefor who has not fully paid for the stock, and it makes no difference that he has given the corporation his note therefor, since Code 1892, § 850, forbids that a note shall be received as payment of a subscription to the capital stock of any corporation.</p> <p>3. Same. Doubling capital stock.</p> <p>Where a note was given for stock subscribed for, and the certificate therefor was held by the corporation as security for the note, and the capital was then doubled and another certificate written in the name of the subscriber, he was not entitled to the possession of it.</p>