Gund v. Logan

Citations

• 187 F. 932
• 109 C.C.A. 654
• 1911 U.S. App. LEXIS 4258

Syllabus

<p>1. Corporations (§ 95*) — Stock Certificates — Receipt for Subscription.</p> <p>New Jersey Corporation Act (P. B. 1896, p. 277) § 19, provides that every stockholder shall have a certificate signed by the president and treasurer, certifying the number of shares owned by him in such corporation. Beld, that a purchaser of shares in a corporation organized under such act was ordinarily entitled to a valid stock certificate properly so executed, and hence an order to a broker to purchase stock was not ordinarily fulfilled by a delivery of a temporary receipt for stock subscriptions, certifying that the person named was the owner of the stated number of shares fully paid, and that a certifícale therefor would he issued when engraved, and ready for delivery on presentation of the receipt.</p> <p>[Ed. Note. — For other c-ases, see Corporations, Cent. Dig. § 436; Doc. Dig. § 95.*]</p> <p>2. Corporations (§ 121*) — Purchase of Stock — Contract—Performance by Broker — Evidence.</p> <p>Evidence held to require a finding that brokers’ contract to purchase stock in a corporation, the certificates of which had not then been engraved and were not ready for delivery, was performed and expected by the customer to be fully performed by the delivery of temporary receipts for stock subscription certifying to the ownership of the shares and providing that the certificates would be delivered when engraved and ready for delivery on presentation of the receipt.</p> <p>[Ed. Note. — For other casés, see Corporations, Dee. Dig. § 121.*]</p>