46 Ga. App. 10 | Ga. Ct. App. | 1932
One who, though acting in good faith and without any effort to avoid liability on his own part, voluntarily undertakes to give to a minor stock in a bank, and has the certificate issued in the child’s name, remains liable to assessment as a stockholder as the true owner of the stock, for the reason that minors are incapable of assenting to such a transfer so as to incur the liability imposed by the statute. The minor, on coming of age, would have a right of election either to affirm or avoid the entire transaction; in the meantime, the transfer of the stock having resulted to the child’s disadvantage, the law will avoid it for him, thus leaving the liability upon the one making the transfer.
2. Under the foregoing rulings, the trial judge, to whom the instant case was submitted for determination without a jury, did not err in holding the transferor of the stock liable for assessment.
Judgment affirmed.
