Kyle & Co. v. Montgomery

73 Ga. 337
CourtSupreme Court of Georgia
DecidedOctober 21, 1884
StatusPublished
Cited by9 cases

This text of 73 Ga. 337 (Kyle & Co. v. Montgomery) is published on Counsel Stack Legal Research, covering Supreme Court of Georgia primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Kyle & Co. v. Montgomery, 73 Ga. 337 (Ga. 1884).

Opinion

Hall, Justice.

Kyle & Co. sued out an attachment on the 13th day of June, 1883, against Montgomery, as a member of the firm of Johnson & Co., upon the ground that Montgomery resided out of this state, and was a resident of the state of Alabama. On the same day the writ was executed by attaching eight shares of the stock of the Pioneer Co-operative Company, as the property of defendant, and by serving a summons of garnishment on “ The Eagle & Phoenix Manufacturing Cpmpany,” and also on “ The Eagle & Phoenix Savings Bank.” On the 12th day of November, 1883, W. H.. Toung, as president of the Eagle & Phoenix Manufacturing Company, and also of the Savings Bank,, answered this summons, and in his answer denied that the latter was indebted to the defendant or had any effects-belonging to him subject to the garnishment; admitted that the comparfy at the service of the summons was indebted to defendant the sum of $33.75, and that since that time, but previous to the answer, it had become indebted •to him in the further sum of $476.25, for “daily labor,” and that these two sums aggregated $510.00. The answer-claimed that defendant was a laborer working by the day for said company, and that these, amounts were due him from day to day, and that, in order to retain his services,, the company paid to him the said sums as daily wages, as it was advised it had a right to do.

•The plaintiffs traversed the company’s answer to the garnishment, and in their traverse alleged:

(1.) That defendant was not a daily laborer, but was an officer and superintendent of a department in garnishee’d factory.

(2.) That defendant, if a daily laborer, is not entitled [340]*340to have a portion of his wages exempted from the garnishment, because he is, and was at the time of suing out said attachment, a non-resident of this state, and was then and is now a citizen of the state of Alabama; that by the laws ■of that state, a daily laborer’s exemption of wages cannot ■exceed twenty-five dollars per month, which is all that would be allowed a citizen of Georgia whose property was .•garnished therein, if anything at all would be allowed, .and that by comity of states no more should be allowed here to a citizen of Alabama than would be allowed in that state to a citizen of Georgia.

The Eagle & Phoenix Manufacturing .Company, on the 15th of May, 1884, claimed five of the eight shares of the stock of the Pioneer Co-operative Company attached. The plaintiffs in attachment joined issue with the claimants. The issues thus formed, both upon the garnishment and traverse and the claim, were, by consent of parties, sub.mitted to the determination of the presiding judge, both :asto questions of law and fact, without the intervention • of a jury, who, after hearing the evidence in the case, found the stock claimed not subject, and also found in favor of the garnishee and against the plaintiffs the issue • on the traverse.of its answer to the garnishment. No motion was made for a new trial, and this judgment of the superior court is brought here by writ of error for review.

1. Whether the claim to any portion of the stock of the Pioneer Co-operative Company was good depends entirely upon the sufficiency of the assignment of the same to the claimant and the date thereof. According to a by-law of that company, .which was put in evidence, its stock could be transferred only by a surrender of the certificate, and on the transfer book of the compauy, which was kept in its office, by the person in whose name the stock appears or by an authorized legal attorney. There is certainly no evidence of any transfer of defendant’s stock to claimant in accordance with the requirements of this by-law. On the back of this certificate, there is a transfer, signed by [341]*341defendant and attested by “ O. S. Jordan,” which is left blank as to the name of the transferee, the number of shares assigned, and as.to the date of the assignment. It seems that on the 17th day of April, 1883, the defendant gave the Eagle & Phoenix Manufacturing Company his note'for $190.00, due at twelve months, which recited that he had deposited with them as collateral security for the debt twenty shares of the stock of the Pioneer Co-opera tive Company; that they had actual possession of this stock nowhere appears; on the contrary, it is pretty evident from the testimony they did not. Another by law of the Pioneer Company reserves a lien on this stock, and restricts its assignment until all debts due or demands of the person holding the stock to the company sh ill be fully paid; that the defendant, the holder of this stock, was indebted to the company, appears from the evidence of its president, who shows that this debt was not discharged until some time after the stock was attached at the plaintiff’s suit. On the 23d of April, 1884, the Pioneer Company received from the Eagle & Phoenix Manufacturing Company twenty shares of stock, ten shares of which were issued to defendant and ten shares to his wife. In reference to this assignment, left blank as to date and as to the name of the assignee, the president of the Pioneer Company says that he saw it made, but never saw the note, for the payment of which it .was pledged to the manufacturing company; it was signed at the time the note was supposed to have been given; must have been signed two years ago, long before plaintiffs’ attachment was served. It will be remarked that the note in question bears date on the 17th of April, 1883, and that the attachment was served on the 13th of June following; the trial at which the witness testified was had on the 19 th of May, 1884; and these dates show that his account of the matter could not have been correct; his memory as to the time was certainly inaccurate and perhaps frail. The claimant held no other debt against the defendant, as shown by this record, [342]*342than the small debt of one hundred and ninety dollars, for •which it seems to have secured to itself stock of the value of between $900 and $1,000, and this too after the service of plaintiffs’ attachment. Defendant paid his debt to the Pioneer Company after the service of plaintiffs’ attachment. Two shares of this stock, at its sworn market value, would have been nearly, if not quite, sufficient to pay this note. What was the amount of the demand of the Co-operative Company against the defendant does not appear, but whatever it was, it was, according to the evidence, paid by him; out of what fund, or how procured, is not shown. These circumstances give to this transaction with the claimant a very suspicious appearance, requiring explanation before the'claimant is entitled to the stock as against these attaching creditors. It follows that the court erred in his judgment in finding for the claimant. The dealings between these parties seem to have been conducted with a full knowledge of the requirements of the by-laws of the Pioneer Company in relation to the conditions upon which its stock could be transferred. After the execution of this attachment, the Eagle & Phoenix Manufacturing Company had no right to appropriate more of the stock hypothecated than was sufficient to pay the debt it held against the defendant ; the remainder belonged to him, and was subject to the attachment. So far from observing this just and equitable rule, this manufacturing company, in total disregard of the rights of the plaintiffs, managed to appropriate to itself, not only the entire ten shares of the defendant’s stock, but also ten shares issued in the name of his wife.

Free access — add to your briefcase to read the full text and ask questions with AI

Related

American Medical Security, Inc. v. Parker
612 S.E.2d 261 (Supreme Court of Georgia, 2005)
WT Grant Company v. General Finance Corporation
186 S.E.2d 324 (Court of Appeals of Georgia, 1971)
Smith v. Georgia Granite Corp.
198 S.E. 772 (Supreme Court of Georgia, 1938)
Cutter & Co. v. Central Bank & Trust Corp.
101 S.E. 704 (Court of Appeals of Georgia, 1919)
Traders Investment Co. v. Macon Railway & Light Co.
59 S.E. 454 (Court of Appeals of Georgia, 1907)
Central of Ga. Rwy. Co. v. Brinson & Ingram
34 S.E. 597 (Supreme Court of Georgia, 1899)
Hunter v. Morgan & Brother
33 S.E. 986 (Supreme Court of Georgia, 1899)
Wells v. East Tennessee, Virginia & Georgia Railroad
74 Ga. 548 (Supreme Court of Georgia, 1885)

Cite This Page — Counsel Stack

Bluebook (online)
73 Ga. 337, Counsel Stack Legal Research, https://law.counselstack.com/opinion/kyle-co-v-montgomery-ga-1884.