135 Ga. 774 | Ga. | 1911
W. P. Simpson sued out an attachment against M. Eugazzi & Company, on' the ground that the defendants re
As to the excessiveness of the levy. When the process of attachment shall issue against the owner of shares in a corporation of this State, the statute provides that the shares may be attached as follows: “The officér in whose hands the attachment is placed shall indorse an entry thereon of his levy on the corporation shares or interest of the defendant, and shall forthwith serve a copy of the attachment so indorsed upon the president of the corporation, at the office of the company, or by leaving the same at the usual or most notorious place of doing the business of such company, which entry and service shall amount to and be considered a seizure of said corporate interest or shares, to all intents and purposes, and under an execution issued on such attachment they may be sold as in other cases of ordinary execution.” Civil Code (1910), § 5080. Only one share shall be sold at once. Ib. § 6036. The stock was •of the par value of $1,000, worth in the market $2,000, and the principal of the attachment was $260. When we consider the nature of a stockholder’s interest in the corporation as represented by his stock certificates, the many vicissitudes which may happen to affect the value of the stock, the liability of the shares to the corporate by-law liens, etc., we can not say the levy was excessive as a matter of law. The order of the court, as well as the terms of the statute, protects the defendants against a sale of any more shares of stock than will be necessary to pay the execution. See Saffold v. Foster, 75 Ga. 233.
Judgment affirmed.