Farmers' National Gold Bank v. Wilson

Citations

• 58 Cal. 600
• 1881 Cal. LEXIS 276

Syllabus

<p>Injunction— Attachment— Execution —Levy—Innocent Purchaser— Notice.—S., to secure a note to the plaintiff for five hundred dollars, executed to it an assignment of certain certificates of stock (of the value of seven hundred dollars), and a power of attorney authorizing the assignee to cause the proper transfer of the stocks on the hooks of the company. The defendant D., as Sheriff, at the suit of the defendant W. against S., levied an attachment, and subsequently an execution upon the stock, which still stood on the books of the corporation in S.’s name.</p> <p>Held, That the interest of S. was subject to sale under the execution; that though a purchaser at the sale without notice of the previous assignment to the plaintiff would take the stock discharged of the plaintiff’s lien, yet the plaintiff had it in its power at the start to avoid this danger by causing a proper transfer of the stock on the books of the corporation, and might still avoid it by seeing that the purchaser at the execution sale took with notice of its lien, and perhaps by other means, but that it was not entitled to an injunction to prevent a sale of whatever interest remained in S.</p>