McFall v. Buckeye Grangers' Warehouse Ass'n

Citations

• 122 Cal. 468
• 55 P. 253
• 1898 Cal. LEXIS 613

Syllabus

<p>Justice’s Court—Pleading—Copy op Note—Corporate Capacity op Bank—W aiver of Objection.—In an action by a bank in the justice’s court, a copy of the note of the defendant to the bank, which is sued upon, is a sufficient complaint; and if the hank is in fact a corporation, in the absence of objection to its want of capacity to sue, by demurrer or answer, all objection thereto is waived.</p> <p>Id.—Judgment—Collateral Attack—Sale under Execution.—A judgment rendered in favor of a bank in the justice’s court, is not void because the record does not affirmatively show its corporate capacity, and it cannot he collaterally attacked on that ground, in order to avoid a sale under execution thereupon.</p> <p>Pledge of Shares, of Stock—Statute of Frauds—Delivery and Change of Possession—Attachment.—As between the parties a pledge of shares of corporate stock may be effected by indorsement and transfer of the stock certificates, but the transfer, to avail against the creditors of the pledgor, must be accompanied by delivery and continued change of possession; and if the possession of the certificate by the pledgee is only momentary, and they are at once returned to the pledgor, no valid pledge is constituted as against the creditors of the pledgor, and they may be attached and sold under execution against him.</p> <p>Id.—Execution Sale—Levy—Title of Purchaser.—If shares of stock have been seized and held under attachment, to satisfy the judgment, it seems that no levy of the execution, beyond giving notice of sale, is a necessary step; but, at all events, the title of the purchaser of the stock is not affected by the failure of the officer to show that he levied before selling.</p>