Port Townsend National Bank v. Port Townsend Gas & Fuel Co.

Citations

• 6 Wash. 597
• 34 P. 155
• 1893 Wash. LEXIS 344

Syllabus

<p>CORPORATIONS — TRANSFER AND PLEDGE OF STOCK — WANT OF RECORD —EFFECT OF JUDICIAL SALE AGAINST STOCKHOLDER.</p> <p>The transfer by a stockholder of his shares of stock in a corporation, although no registration has been made thereof on the books of the corporation, will pass the title thereto to the transferee as against a subsequent purchaser on execution sale against the transferer.</p> <p>Under §2432, Code 1881, the interest of a pledgee in shares of stock in a corporation cannot be divested by judicial sale against the owner thereof, although such shares have not been transferred to the pledgee on the books of the corporation.</p>