Stoltz v. Carroll

Citations

• 99 Ohio St. (N.S.) 289

Syllabus

<p>Error — Incompetent evidence admitted in chancery hearing — Uniform transfer act — Sections 8673-1 to 8673-7, General Code — Apply to trustees, executors and fiduciaries, when — Stock certificate endorsed in blank —Presumption as to ownership— Where endorser receives dividends and votes stock — But certificate in possession of another.</p> <p>1. It is error for a court in the bearing of a chancery cause to admit incompetent evidence, especially where it bases its judgment in part upon such incompetent evidence.</p> <p>2. The provisions of Sections 8673-1 to 8673-7, inclusive, General Code, known as the uniform transfer act, apply to trustees, executors, administrators and other fiduciaries, where the validity of the transfer is not dependent upon the indorsement or assignment of such trustee, executor, administrator or other fiduciary.</p> <p>3. M. indorses -his certificate of stock in blank. Three years later it is found among the effects of P., recently deceased, who has never had it transferred to himself on the books of the company and who during all that time has knowingly permitted M. to vote the stock, draw the dividends and enjoy the privileges and benefits of an owner: Held, Such conduct on the part of P. is inconsistent with absolute ownership, and the presumption of ownership that otherwise would have arisen from such possession and indorsement is thereby overcome.</p>