86 Miss. 375 | Miss. | 1905
delivered the opinion of the court.
It is perfectly apparent on a careful inspection of this record that appellant’s right to have delivered to him any certificate of stock in the Laurel Improvement Company was dependent solely on his payment of the promissory note given for the par value of the stock subscribed for by him in the first instance. N The subsequent issue of stock under the guise of a fictitious dividend, by which each holder of stock had his holding doubled, gave appellant no right to demand delivery of the stock gratuitously issued, because he had never paid for the stock originally issued to him, and hence no title vested in him. This would be true, as a matter of law, even in the absence of the understanding that both certificates of stock were to be retained by the company as collateral security for
The judgment is affirmed.