Huegle v. Bean

Citations

• 43 Pa. Super. 352
• 1910 Pa. Super. LEXIS 52

Syllabus

<p>Corporations — Stock—Transfer of stock — Liability for assessments.</p> <p>Where a person subscribes for the stock of a New Jersey corporation, and pays a portion of his subscription and receives a stock certificate in his own name, and subsequently signs the blank transfer on the back of the certificate, and sells and delivers the certificate to a firm of brokers, who in turn sell and turn over the certificate to another party in the same form as they received it, and long after-wards the company levies an assessment, and the original owner from whose name the stock has not been transferred on the books of the company is compelled to pay the assessment under the laws of New Jersey, he cannot recover the amount thereof from the brokers to whom he sold and delivered the certificate. His only recourse is to the owner of the stock at the time the assessment was levied.</p>