Walker v. Pennsylvania Co. for Insurances on Lives

Citations

• 263 Pa. 480
• 106 A. 795
• 1919 Pa. LEXIS 458

Syllabus

<p>Fraud — Ratification—Criminal act.</p> <p>1. A criminal act is incapable of ratification.</p> <p>Corporations — Transfer of securities — Forgery—Principal and agent — Estoppel—Notice—Duty to inquire.</p> <p>2. When one not versed in business matters trusts her registered securities to her attorney, she will not be put upon notice of a forgery of her signature to a transfer thereof, and equitably es-topped even as to an innocent purchaser, merely because in an interest check received by her, it appeared that the certificates were registered in the name of the attorney, if there was nothing else to put her on notice.</p> <p>3. One who promptly gives notice after he knew or should have known of a forgery, cannot be held estopped in favor of a trustee whose duty it was to protect her against the forgery; or as a general rule in favor of innocent purchasers who made no inquiry of her in regard to her alleged transfer.</p> <p>4. A trustee of certificates of indebtedness has a right to demand, before a transfer thereof is registered, that those who are alleged to have made the transfer shall be produced to acknowledge their signature thereto, and thereby protect itself.</p> <p>Mr. Justice Moschzisker dissents.</p>