Louchheim v. Gilmore

Citations

• 248 Pa. 121
• 93 A. 871
• 1915 Pa. LEXIS 524

Syllabus

<p>Corporations — Stock—Brokers — Nominal transfer to broker — Assessment — Owner's liability.</p> <p>A subscriber to corporate stock who ordered his certificates issued in the name of a broker who had no interest therein, is liable to indemnify such broker for an amount which he, as nominal owner of the stock, was compelled to pay as an assessment thereon, although prior to such assessment the stock was sold and the certificates duly assigned were in due course delivered to another broker, at the instance of the subscriber, but remained registered in the former broker’s name owing to the failure of the purchaser to have the stock transferred to his name.</p>