108 N.Y. 93 | NY | 1888
The sole question in this case is whether the offer to return the stock certificates was sufficient to enable the plaintiff to rescind; and that inquiry turns in the end ujion the effect of those certificates as a transfer of the stock. The certificates are not the stock, but the evidence of its ownership. When the plaintiff accepted the stock in consideration of the rights which he transferred, that stock became his, and the certificate given him was the company’s acknowledgment of that ownership. After receiving it he could transfer the stock to whom he pleased. He did transfer it, formally, at least. He surrendered his certificate and requested the issue of three new certificates to his infant children, the eldest of whom was four years old, and the youngest, two months. His request was fulfilled. The stock was transferred on the corporate books to the infants, and the company’s formal certificate of their ownership delivered to the plaintiff. Hpon the stock book the plaintiff signed three several receipts in the name of
We are, therefore, of opinion that the case was. properly -decided and that the judgment should be affirmed, with costs.
All concur.
Judgment affirmed.