Horace Gray

“ At the trial the plaintiff introduced evidence tending to show that the defendant corporation in 1874 accepted a new charter from the legislature of Massachusetts, (St. Mass. 1874, c. 26,) which made it subject to the provisions of the general act of 1870, c. 224; that on August 10, 1877, George B. Stetson, being the owner of these shares, executed to the plaintiff a transfer of them, absolute in form, but intended as collateral security for a debt due from him to the plaintiff, and annexed the transfer to his certificate, and delivered both to the plaintiff ”

“ But the learned counsel for the plaintiff in error fails to show that an unrecorded transfer of shares has ever been held invalid as against a subsequent attachment by a creditor who has notice or knowledge of the transfer. The language and the reasoning of the opinions in the very cases that he cites clearly imply the contrary; and under the early Massachusetts registry act of 1783, c. ”