Altaffer v. Anderson Automobile Co.

Citations

• 77 Pa. Super. 63
• 1921 Pa. Super. LEXIS 209

Syllabus

<p>Equity — Injunctions — Issue of stock certificate — Ownership — Evidence — Findings of fact by chancellor — Review by appellate court.</p> <p>The findings of fact by a judge sitting as chancellor will not be disturbed on appeal, except for clear or manifest error. But when such finding of fact by the chancellor is really an inference or deduction from other facts and the conclusion thereof is the result of reasoning, it is subject to revision and correction by the appellate court, if such conclusion is erroneous. Such findings of fact are not absolutely conclusive upon the appellate court but will be set aside if error clearly appears.</p> <p>On a bill in equity to compel the issue of a new certificate of one share of stock and enjoin the holding of the stockholders’ meeting until after the certificate has been issued, a decree dismissing the bill will be reversed, where it appeared from the evidence that the plaintiff had purchased one-half of the stock in the corporation and that the share of stock in question had been held in the name of a third party, although it really belonged to the vendor of the plaintiff. In such case, a finding of the court below that the share of stock was owned by the third party, when such conclusion is not supported by the evidence is erroneous and, the decree dismissing the bill will be reversed, and the record will be remitted with directions to enter a decree, requiring the issue of the certificate to the plaintiff.</p>