Reynolds v. New York Building Loan Banking Co.

New York Supreme Court

Reynolds v. New York Building Loan Banking Co.

35 N.Y.S. 80, 96 N.Y. Sup. Ct. 609, 69 N.Y. St. Rep. 259

DecidedJuly 26, 1895

StatusPublished

This text of 35 N.Y.S. 80 (Reynolds v. New York Building Loan Banking Co.) is published on Counsel Stack Legal Research, covering New York Supreme Court primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Reynolds v. New York Building Loan Banking Co., 35 N.Y.S. 80, 96 N.Y. Sup. Ct. 609, 69 N.Y. St. Rep. 259 (N.Y. Super. Ct. 1895).

Pincite

Opinion

PRATT, J.

There is no dispute that the secretary was the proper person to receive notices of withdrawal of funds. The power to receive notices implied the power to reject them, if irregular, and the duty to inform the applicant of the action taken. Any other rule would give a corporation a license to commit fraud. Had the secretary, when the notice was given, announced to plaintiff that the transfer of shares to him must be entered on the corporation books, that would have been promptly done. That obligation was for the benefit of the company. Once waived, it cannot now be insisted upon.

Judgment affirmed, with costs.

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PRATT, J.

There is no dispute that the secretary was the proper person to receive notices of withdrawal of funds. The power to receive notices implied the power to reject them, if irregular, and the duty to inform the applicant of the action taken. Any other rule would give a corporation a license to commit fraud. Had the secretary, when the notice was given, announced to plaintiff that the transfer of shares to him must be entered on the corporation books, that would have been promptly done. That obligation was for the benefit of the company. Once waived, it cannot now be insisted upon.

Judgment affirmed, with costs.

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Bluebook (online)

35 N.Y.S. 80, 96 N.Y. Sup. Ct. 609, 69 N.Y. St. Rep. 259, Counsel Stack Legal Research, https://law.counselstack.com/opinion/reynolds-v-new-york-building-loan-banking-co-nysupct-1895.