106 Misc. 335 | N.Y. Sup. Ct. | 1919
This action is brought for the reclamation of two stock certificates of the Iowa State Savings Bank, each for 100 shares, delivered to the defendant as collateral for a loan made to the firm of Morgan, Truett & Co. on March 17,1918. The action is ostensibly based upon the provisions of section 168 of the Personal Property Law. Sections 162 to 185 of the Personal Property Law were enacted by chapter 600, Laws of 1913, in the interest of uniformity of legislation in the United States. Section 162 provides that the title to a certificate of stock “ can be transferred only (a) By delivery of the certificate indorsed either in blank or to a specified person by the person appearing by the certificate to be the owner of the shares represented thereby, or (b) By delivery of the certificate and a separate document containing a written assignment * * * signed by the person appearing by the certificate to be the owner of the shares represented thereby.” Section 165 provides that: “ The title of a transferee of a certificate under a power of attorney or assignment not written upon the certificate, and the title of any person claiming under such transferee, shall cease and determine, if at any time prior to the surrender of the certificate to the corporation issuing it, another person, for value in good faith, and without notice of the prior transfer, shall purchase and obtain delivery of such certificate
Judgment accordingly.