Sather v. Home Security Savings Bank

Citations

• 49 Wash. 672
• 96 P. 229
• 1908 Wash. LEXIS 646

Syllabus

<p>Corporations — Stock—Sales—Rescission — Fraud — Evidence— Sufficiency. The evidence is insufficient to warrant the rescission of a sale of stock for fraudulent representations, where it appears that plaintiff had agreed to purchase stock in a mill company as a condition of securing employment, and the representations of the officers of the company complained of related to matters of opinion as to the value of stock, for which plaintiff paid $500 for stock of the par value of $2,000, such fact showing that the stock was not at par and being sufficient to put him on inquiry; and the purchaser being an experienced millman who made an inspection of the mill and was competent to estimate its value; and where plaintiff chiefly-relied upon representations as to skid roads and buildings on the property of the company, when those matters did not occasion the loss.</p> <p>Same — Transfer of Stock. Money paid for stock sold and assigned cannot he recovered on' the ground that the deal was not consummated because the stock was not transferred on the books of the company, where there was no obligation to get the stock so transferred; the stock belonging to the purchaser as soon as paid for.</p>