278 N.W. 32 | Minn. | 1938
The findings of fact are rather lengthy, but the substance thereof may be thus stated: When defendant was organized in 1894, the father of plaintiff subscribed for two shares of its stock, and a certificate therefor was issued in the name of plaintiff, then three years of age. All dealings in relation to these two shares were between defendant and plaintiff's father, and the certificate was always retained by the father. When defendant declared the stock matured, the court finds that full payment thereof was made to the father. This is an inference from the books of defendant which showed that payment was made September 30, 1903. However, they do not show to whom payment was made. Both the secretary and treasurer, at the time of payment, since have died, the secretary in 1919 and the treasurer in 1917. The father of plaintiff died July 29, 1929. There can be no doubt from this record that the inference is correct that the shares were procured from defendant by plaintiff's father, that he always had possession of the same, and received payment when the shares were matured. The inference is also permissible that the certificate had been mislaid by the father, and that the officers of defendant had been prevailed upon to pay the amount due upon maturity and retirement of these two shares without the production and return of the certificate. Alfred, a brother of plaintiff, testified that in 1932, in going over his father's old papers and books of account (kept in a box) preparatory to destroying the same, he found this certificate in an envelope. The envelope was not preserved, but he gave the certificate to plaintiff. Plaintiff testified thus:
Q. "When did you first learn that you had this stock, that that was issued to you?
A. "Well, I knew the stock was in existence at the time it was being paid for.
Q. "How old were you at that time? *281
A. "Well, I was old enough to realize that we really owned the stock [we, referring to his brother Jay, in whose name a certificate for two shares was also in the envelope found by Alfred]. We were told by the folks that we had the stock and knew that the payments were being made. That was discussed several times.
Q. "Now, from that time on did you ever hear of it until such time as your brother gave you the certificate?
A. "Yes, after the stock matured we had talked about the stock on a couple different occasions, but my Dad didn't know where it was. He thought it was in a safe deposit —
Mr. Fosnes: "Move to strike that out as no foundation laid; it is a conversation with a deceased party.
The Court: "Sustained."
Whether the court struck out more than the last sentence of the last answer is left in doubt. But, in any event, the record is clear that plaintiff had full knowledge of the facts respecting his claim to the stock represented by this certificate in 1912, when he became of age, yet he never demanded of defendant either dividends or interest thereon, or made any claim or demands on defendant as owner of these shares, until three years after his father's death. We think the statute of limitations [2 Mason Minn. St. 1927, § 9191] barred plaintiff's cause of action. By its articles of incorporation defendant's life terminated 30 years from May 1, 1894.
Plaintiff relies on Bergman v. St. Paul Mut. Bldg. Assn.
Judgment affirmed.
MR. JUSTICE STONE, because of illness, took no part in the consideration or decision of this case.