42 Cal. 290 | Cal. | 1871
This is an action to recover the value of certain shares of the capital stock of the corporation defendant, which the plaintiff alleges to be his property, and to have been converted by the defendant to its own use.
It appears that one James Michael, deceased, was at the time of his death owner of some thirteen shares of the capital stock of this insurance company, evidenced by a certificate standing in his own name, and that, under the order of' distribution of the Probate Court, these shares came to Michael Prank Michael, an infant son of the decedent, and of whose person and estate his mother, Augusta B. Josephi, was the duly appointed guardian; and upon surrender of the original certificate by her a new certificate was issued to her, which ran on its face to “Augusta B. Josephi, Guardian,” and she thereupon, and without any order of or authority from the Probate Court, sold the stock to Be la Montagnie, “and on the same day assigned the said certificate thereof to him by an indorsement thereon, signed by her Augusta E. Josephi, Guardian.’” The corporation defendant refused to recognize the transfer, and declined to issue a new certificate of stock to Be la Montagnie, upon his proffered surrender of this one.
The first question is, whether or not the sale and transfer, under the circumstances, vested a title to the stock in Be la
Judgment reversed, and cause remanded, with directions to render judgment for the defendant.
Mr. Justice Temple, being disqualified, did not sit in this case.