Louisiana Reports; Cases Argued and Determined in the Supreme Court of Louisiana Volume 87

Louisiana Reports; Cases Argued and Determined in the Supreme Court of Louisiana Volume 87

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1885 edition. Excerpt: ...vs. Laflin. in Thompson's National Bank Cases, p. 331. 5. Where a National Bnnk goes into liquidation, and n bill in equity is flied in the Circuit Court of tho United States, in which all the stockholders are sued to contribute pro rats as such, and after two years' litigation and full and final hearing, the defense made by a stockholder thus sued is sustained. and tho bill as to him dismissed. such judgment will be viewed as at least prima fncie evidence that such stockholder is free from any and all liability as such. 6. When A purchases forty shares of bank stock from B, a broker. and pays him for it, not knowing from whom B. the broker. purchased it. and (J, the seller, is paid by the broker's check. and C does not know nor inquire who the purchaser is, but treats with B, the broker, as such, there is no pririty of contract in such sale between A and C. 7. The National Banking law requires actual transfer on the books of the bank from the transferrer to the transferee, before the former is freed from_liabiiity as s stockholder. The seller of stock, wishing tn ovoid liability. can st any time, by mandamus. compel the transfer on the books of the hank, and thus relieve himself from any contingent lisbiiity. When a broker is the seller and is shown to have full knowledge of the precarious condition of the stock sold, it is at least emitributory negligmwe in him not to see that. the transfer is completed at once. The opinion of the Court was delivered by MANNING, J. On Feb. M, 1873, the plaintiffs sold to defendant; forty shares of the capital stock of the Crescent City National Bank for fifty dollars a share, and delivery was made. The purchase was made through Feinour a broker. The plaintiffs transferred the shares by...show more

Product details

  • Paperback | 452 pages
  • 189 x 246 x 23mm | 803g
  • Rarebooksclub.com
  • United States
  • English
  • black & white illustrations
  • 1236828305
  • 9781236828309