Barclay v. Smith

Citations

• 107 Ill. 349
• 1883 Ill. LEXIS 270

Syllabus

<p>1. Membership in board of trade—is not property—and is not subject to judicial sale. A certificate of membership in the board of trade of the city of Chicago, is not property, in any such sense as to render it liable to be subjected to the payment of the debts of the holder by legal proceedings.</p> <p>2. The board of trade of the city of Chicago is a corporation. Under its charter and by-laws no one can become a member except upon a favorable vote of not less than ten of the board of directors; nor is a certificate of membership transferable to any person except he be approved by the directory, after due notice. The right of membership is not a right which the holder can dispose of as he pleases; nor can it be enforced in favor of a purchaser or assignee of the certificate, by the courts. It has none of the elements of property to render it liable to judicial sale.</p>