Brown v. San Francisco Gas Light Co.

Citations

• 58 Cal. 426
• 1881 Cal. LEXIS 246

Syllabus

<p>Sale of Stock by Foreign Executor—Power to Sell—Executor— Will—Estates of Deceased Persons.—It appeared from an agreed case submitted to the Court below that B., a resident of New York, dying in that State, by his will gave his executors power to sell and convey all or any of his property, real or personal; and that under this power (the will having been admitted to probate in New York), the executor in that State (one only having qualified) sold to the plaintiff, by indorsement and delivery of the certificates, certain shares of capital stock of the defendant, a California corporation (which stood in the name of B., and the certificates of which were in his possession at the time of his death).</p> <p>Held (under § 324, Civ. Code), that the title of the plaintiff was complete, and that it was not necessary to have letters of administration issued in this State in order to obtain a transfer on the books of the corporation; and held, further, that the bond provided for in § 326, Civ. Code, was not required.</p> <p>Law of Another State—Presumption.—In the absence of any statement to the contrary it is assumed in this case that the law of New York in regard to the issuance of letters to one of two or more executors appointed by a will, and his power to act as sole executor, is the same as in this State.</p>