Baker v. Wasson

Citations

• 59 Tex. 140
• 1883 Tex. LEXIS 121

Syllabus

<p>1. Action — Stockholdeh.— A stockholder whose stock has been canceled on the-books of the company and new stock issued to one not entitled, and this through the wrongful act of one not authorized, is not restricted in seeking relief to following his investment- in its new form, but he may abandon his claim to the stock, and pursue his remedy for its value against any one who has illegally converted it, or who has so clouded its title as to make its recovery difficult.</p> <p>2. Innocent purchaser.— Under such circumstances the right of an innocent purchaser of the new stock, as against the company which thus issued it without authority from the real owner, is complete to the stock issued.</p> <p>3. Verdict.— See opinion for tacts under which a verdict against one, based on a charge of fraudulent acquisition of stock, was not disturbed.</p>