Holt v. Thomas

Citations

• 105 Cal. 273
• 38 P. 891
• 1894 Cal. LEXIS 1150

Syllabus

<p>Insolvent National Bank—Assessment upon Stockholders—Payment by Vendor op Stock—Recovery op Money Paid—Mistake op Pact. Where an assessment is levied upon the owners of the capital stock of an insolvent national bank, in order to procure funds with which to pay the creditors of the bank, which it became the duty of the receiver of the bank to collect, a stockholder who appeared upon the books of the bank to be the owner of sixty shares, fifty shares of which he claimed to have sold to another person, cannot, after having voluntarily paid a percentage of the assessment on the sixty shares upon demand of the receiver, recover back money paid on the fifty shares of the stock, on the ground of mistake of fact, upon ascertaining that, a surplus remained after other stockholders had paid in their assessments.</p> <p>Id.—Consideration—Voluntary Payment.—The payment by the stockholder in whose name the stock stood, assuming that he did not own fifty shares of the stock, made in order to avoid litigation with the receiver, was upon sufficient consideration; and the payment thus voluntarily made, with knowledge of the facts, cannot be recovered back.</p> <p>Id.—Duress—Threat op Suit.—It is not legal duress to threaten to or actually take advantage of the usual remedy by suit for the enforcement of a debt or obligation; and this is true even if the claim be illegal.</p> <p>Id.—Controversy with Vendee op Stock.—A controversy between the vendor and vendee of stock cannot be determined in an action against the receiver of a bank to recover money paid on account of the stock; but, if there are any rights or equities as between the vendor and vendee of the stock, it must be litigated in another form of action.</p>