Cooley v. Janes

Citations

• 71 Kan. 297
• 80 P. 596
• 1905 Kan. LEXIS 132

Syllabus

<p>SYLLABUS BY THE COURT.</p> <p>Corporations — Garnishment of Holder of Stock Pledged as Collateral. A garnishee held stock in, a corporation pledged to him by the principal defendant as security for a debt. After service of the garnishment summons the corporation sold all its property and distributed the proceeds ratably among its stockholders, the garnishee receiving eighty per cent, of the face value of the stock in his possession. Held, that the garnishee should account to the judgment creditor for the money so received by' him, less any just claim he . had against the defendant for the payment of which the stock was pledged.</p>