Goyer Cold Storage Co. v. Wildberger

Citations

• 71 Miss. 438

Syllabus

<p>1. Corporate Stock. Transfer. Code 1892, § 844; not retroactive.</p> <p>Section 844, code 1892, providing that “ the legal title to stock in a corporation, and the beneficial interest therein, shall remain in the person appearing to be owner by the books of the corporation, as to creditors, until after a bona fide transfer have been made on the books,” has no application to transactions which took place before the code went into effect.</p> <p>2. Transfer of Stock. By-laws. Bights of creditors. Equitable assignment.</p> <p>By-laws of a corporation requiring transfers of stock to be noted on its books are for the benefit of the corporation only. Where, prior to the code of 1892, a stockholder in a building and loan association filed with the secretary a notice of withdrawal of his stock, directing payment of its withdrawal value to certain creditors, and giving drafts on the association in their favor, which were accepted by the secretary, this was an equitable assignment of the stock, valid as against creditors of such stockholder subsequently levying thereon.</p> <p>3. Debtor and Creditor. Transfer to pay debt. Fraud.</p> <p>Where the sole object of a creditor in obtaining property from his debtor is to get either payment or security for his debt, and, in so doing, he does not aid him in any effort to defraud creditors, the transaction will be valid, notwithstanding the debtor be heavily embarrassed and pressed by other creditors. The law is tolerant' of the efforts of a creditor to obtain payment of his dues from a failing debtor.</p> <p>4. Claimant’s Issue. Error as between claimants. Who may object.</p> <p>A plaintiff in execution who, on a claimant’s issue, failed to show his right to subject the property, cannot, after judgment in favor of several claimant’s thereof, object to the misjoinder of issues or to errors in the judgment as between the several claimants.</p> <p>5. Supreme Court. Error as to jurisdiction. Const. 1890, §147.</p> <p>In view of 'i 147,