The plaintiff was the pledgee of stock in the defendant corporation, the record title to the stock still being held in the name of the pledgor. The defendant, without notice of this assignment, voluntarily liquidated, giving the record holder a check both for the normal dividend on the stock, which had not been paid for the current year, and for his supposed interest in the distribution of the capital assets. This action was instituted by the pledgee to make the defendant account for the money paid over to the pledgor. The applicable statute is section 3 of the Uniform Stock Transfer Act as found in section 9522, Mich. Comp. Laws, 1929, which reads, "Corporation not forbidden to treat the registered holder as the owner. Nothing in this act shall be construed as forbidding corporation, (a) To recognize the exclusive right of a person registered on its books as the owner of the shares to receive dividends and to vote as such owner." Held, plaintiff is entitled to recover for liquidating dividends but not for normal dividends paid over. Bay City Bank v. St. Louis Motor Sales Co., 255 Mich. 261, 238 N. W. 241 (1931).