Sayre v. Citizens' Gas Light & Heat Co.

Citations

• 69 Cal. 207
• 7 P. 437
• 1886 Cal. LEXIS 655

Syllabus

<p>Equity—Action to Compel Transfer of Stock — Assessment Sale — Acquiescence — Delay.—The action was brought to compel the individual defendants to transfer to the plaintiff certain shares of stock of the Capital Gas Company, and to pay to him the dividends received by them thereon, and for other relief. The plaintiff had beon the owner of an equal number of shares of stock in the Citizens’ Gas Light and Heat Company, which corporation had been consolidated with the Capital Gas Company. Prior to the consolidation, his stock had been sold in satisfaction of am assessment levied thereon, and purchased by the individual defendants. On a review of the evidence, held, that the plaintiff had acquiesced in the sale, and had lost his right to equitable relief by reason of his delay.</p> <p>Cobporation —Assessment on Stock Fullt Paid.—Under the act of March 26, 1866, the capital stock of a corporation, which has been fully paid for, is assessable.</p>