Horace Gray

Name: Moores v. Citizens' National Bank — Opinion of the Court
Author: Horace Gray

Summary

“Moores v. Citizens' National Bank — Opinion of the Court”, is a work by Horace Gray. It explores elements such as certificate, stock and Moores.

Quotes from Moores v. Citizens' National Bank… (Horace Gray)

Horace Gray, Moores v. Citizens' National Bank…

“ When a corporation, upon the delivery to it of a certificate of stock with a forged power of attorney purporting to be executed by the rightful owner, issues a new certificate to the present holder, who sells it in the market to one who pays value for it, with no knowledge or notice of the forgery, the corporation is doubtless not relieved from its obligation to the original owner, out must still recognize him as a stockholder, because he cannot be deprived of his property without any consent or negligence of his. ”

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Source: Wikisource

Horace Gray, Moores v. Citizens' National Bank…

“ The exceptions to the exclusion of evidence cannot be sustained. The evidence that in one or two other instances stock was issued by the cashier without the surrender of old certificates, and that the directors of the bank approved certain transfers to its president of shares once belonging to the cashier, was quite insufficient to prove that the bank ratified or received any benefit from the issue of the certificate to the plaintiff, or was guilty of any fraud towards her. ”

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Source: Wikisource

Horace Gray, Moores v. Citizens' National Bank…

“ The court instructed the jury that the plaintiff, having knowledge of the fact that Robert B. Moores, upon whom she relied to have the stock transferred to her, was acting for himself as well as in his capacity of cashier, in reference to the matter of issuing this certificate, she was not an innocent holder of the stock, and as the certificate was issued without authority, in fraud of the rights of the bank, they should return a verdict for the defendant. ”

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Source: Wikisource

Horace Gray, Moores v. Citizens' National Bank…

“ The stock of this bank shall be assignable only on the books of the bank, subject to the restrictions and provisions of the act, and a transfer book shall be kept, in which all assignments and transfers of stock shall be made. No transfer of the stock of this association shall be made, without the consent of the board of directors, by any stockholder who shall be liable to the association, either as principal debtor or otherwise; and certificate of stock shall contain upon them notice of this provision. Transfers of stock shall not be suspended preparatory to a declaration of dividends ”

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Source: Wikisource

Horace Gray, Moores v. Citizens' National Bank…

“ L. R. 8 Q. B. 420, that a railway company, owning shares of its own stock, the legal title of which was registered in the name of one of its directors as trustee for the corporation, should transfer them to a person who, believing the director to be the absolute owner of the shares, had lent him money on the deposit of the certificate as security, was contrary to the judgment of the court of queen's bench, and was reversed in the house of lords. ”

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Source: Wikisource

Horace Gray, Moores v. Citizens' National Bank…

“ Robert Schuyler, the president and general transfer agent of the New York & New Haven Railroad Company, issued, beyond the capital limited by its charter, but in the form prescribed by its by-laws, purporting to be transferable on its books on surrender of the certificates, a large amount of certificates of stock, annexed to which were printed forms of assignment and power of attorney. ”

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Source: Wikisource

Horace Gray, Moores v. Citizens' National Bank…

“ A person hwo takes such a security with knowledge that the conditions on which alone the security was authorized were not fulfilled, is not protected, and in his hands the security is invalid, though the imperfection is in some matter relating to the internal affairs of the corporation, which would be unavailable against a bona fide holder of the same security.' 9 Stew. ”

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Source: Wikisource

Horace Gray, Moores v. Citizens' National Bank…

“ Randall v. Baltimore & O. R. R. 109 U.S. 478; S.C.. 3 SUP. CT. REP. 322.
Judgment affirmed.
Mr. Justice BRADLEY dissented.
Mr. Justice MATTHEWS, having been of counsel, did not sit in this case, or take any part in its decision. ”

Horace Gray

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