Timberlake v. Shippers' Compress Co.

Citations

• 72 Miss. 323

Syllabus

<p>1. CORPORATION. Transfer of stoclc. Carries undeclared dividend.</p> <p>Unless otherwise stipulated, a transfer of stock in a corporation carries with it a dividend afterwards declared, no matter when it was earned.</p> <p>2. Same. Bona fide •pwi'chaser. Right to dividend.</p> <p>One who takes an assignment of a certificate of stock in a corporation, as collateral security for a debt, and afterwards, without notice of a previous assignment of an undeclared dividend, purchases the stock in settlement of the debt, is entitled to the dividend as a part of the stock.</p> <p>3. Same. Transfer of stoclc. Rights of assignee.</p> <p>Indorsement in blank and delivery of a certificate of stock in a corporation, though without surrendering the certificate or having the transfer noted on the books, will, as between transferer and transferee, pass the leg'al title, and, as against the corporation, will pass at least an equitable title, and g-ive to the transferee the right to recover all undeclared dividends. Storage Co. v. Wildberger, 71 Miss., 438.</p> <p>4. Peremptory Instruction. When error. Conflict of testimomj.</p> <p>Where the testimony is conflicting as to material matters, it is error to grant a peremptory instruction.</p>