Jones v. Western Manufacturing Co.

Citations

• 27 Wash. 136
• 67 P. 586
• 1902 Wash. LEXIS 373

Syllabus

<p>CORPORATE STOCK-ACTION TO RECOVER- — - NON-SUIT — SUPPICIENCY OP EVIDENCE ESTABLISHING OWNERSHIP.</p> <p>In an action to recover five shares of stock in a corporation, the granting of a non-surt/on the ground of there being no evidence that plaintiff was the owner of the stock was erroneous, where it appeared that plaintiff had subscribed and paid for the stock; that he had delivered it to the general manager of the corporation for purpose of sale, indorsing an assignment on the shares and giving such officer irrevocable power to transfer the stock on the corporate books, but with the understanding that such stock should he returned in ninety days if cash could not be obtained therefor, said general manager giving to plaintiff ten shares of the company’s stock to hold as collateral for a note to plaintiff for the value of his shares; that plaintiff surrendered such collateral and received an order from the general manager on the president of the corporation to deliver plaintiff his five shares in payment of the general manager’s note, which was refused by the president; that an assignment of the certificate was indorsed thereon by the general manager to another person, but there'was no proof of the execution of such assignment, nor of the payment of any consideration therefor, nor of the existence of such a person as the assignee, while the answer of the corporation set up a delivery of such certificate as a pledge for a loan to an entirely different party on the same date as that of the alleged assignment, a.nd set up sale and delivery of the stock to such alleged assignee at a date five months subsequent to that indorsed on the certificate, prior to which last date plaintiff's contract of sale had been rescinded.</p> <p>SAME-EVIDENCE — CONVERSATIONS AGAINST INTEREST.</p> <p>In an action to recover shares of stock that had been delivered to the corporation for sale, where there is an issue as to whether the sale had been made by the officers before rescission by