Ohio Valley National Bank v. Hulitt

Citations

• 204 U.S. 162
• 27 S. Ct. 179
• 51 L. Ed. 423
• 1907 U.S. LEXIS 1537

Syllabus

<p>While the mere pledgee of national bank stock cannot be held for double liability as a shareholder so long as the shares are no.t registered in his name, although an irresponsible person may have been selected as the registered shareholder, the real owner of the shares may be held responsible although the shares may not be registered in his name.</p> <p>Where the pledgee of national bank stock has by consent credited the agreed value of the stock belonging to the pledgor, but registered in the name of a third party who is the agent of the pledgee, on the note, and • then proved his claim for the balance against the estate of the pledgor the title to the stock has so vested in the pledgee that, notwithstanding the stock has not been transferred, he is. liable to assessment thereon as the owner thereof.</p> <p>Where the strict_compliance with the terms of a note as to sale of the collateral pledger! therewith is waived by the maker, the holder who accepts the collateral at an agreed price and credits it on the note is estopped from claiming that he does not become the owner of the collateral because there was no actual sale thereof as required by the note.</p> <p>These principles applied when the pledgee of national bank stock was a national bank.</p>