Darden v. . Coward

147 S.E. 671, 197 N.C. 35, 1929 N.C. LEXIS 137

• Court: Supreme Court of North Carolina
• Decided: April 10, 1929
• Status: Published

Opinion

Stacy, C. J.

The plaintiff sold his 10 shares of stock in the Bank of Ayden long before its insolvency, and the certificate, duly endorsed in blank, was purchased by J. D. McGlohon, cashier and transfer agent of said bank. It is conceded that the failure to transfer the stock on the books of the bank was due to the neglect of the cashier and transfer agent, and not to any fault of the plaintiff. ¥e concur in the judgment of the trial court that, under the facts agreed, the plaintiff is entitled to be relieved of the assessment levied against him as an ostensible stockholder in the Bank of Ayden at the time of its failure. The case of Whitney v. Butler, 118 U. S., 655, 30 L. Ed., 266, is a direct authority for the position, while Trust Co. v. Jenkins, 193 N. C., 761, 138 S. E., 139, is distinguishable, in that, in the Jenkins case the certificate of stock was not surrendered to the bank for transfer on its books. See, also, Havens v. Bank, 132 N. C., 214.

No point is made of the fact that, under chapter 113, Public Laws 1927, the proper method of procedure was for the plaintiff to appeal to the Superior Court from the levy of assessment made by the Corporation Commission. See Corporation Commission v. Murphey, post, 42. The correct result has been reached and we are disposed to affirm the judgment.

Affirmed.