Huffman v. Ellen Mining Co.

Citations

• 118 Wash. 546
• 204 P. 197
• 1922 Wash. LEXIS 699

Syllabus

<p>Execution (5) — Property Subject — Personal Property — Interest in Public Lands. A locator’s interest in an unpatented mining claim is personalty rather than realty, and hence capable of sale under execution as personal property.</p> <p>Corporations (52) — Stock—Consideration for Issuance — Estoppel to Allege Invalidity. One holding a valid subsisting lien against mining claims, does not lose it by an invalid attempt to sell the property under foreclosure; and a sale of the claims to a corporation in consideration of corporate stock would transfer an equitable right to the lien and would afford at least partial consideration for a transfer of the corporate stock.</p> <p>Same (88) — Stockholders—Suits on Behalf of Corporation— Estoppel. In an action by stockholders to cancel an issuance of stock to an individual on the ground of failure of consideration in that the shares had been issued to him in exchange for mining claims which he as a judgment creditor had acquired under an invalid foreclosure of a mining lien, an offer to reimburse him to the extent of his judgment would not place him in statu quo, but he would be entitled to a reconveyance of the mining property subject to the corporation’s after acquired title, so that he could exercise his right of resale.</p> <p>Same (88). Any principle of estoppel operative against a corporation applies against stockholders who exercise the right to sue on the refusal of the corporation to bring suit.</p>