CORPORATIONS - SITUS OF STOCK FOR PURPOSE OF TRANSFER

Authors

Abstract

O, of New York, owned certificates of stock in a Delaware corporation, which were indorsed in blank. E stole the certificates and sold them to P, who purchased in good faith and sent them in for transfer on the books of the corporation. On refusal of the corporation to make the transfer, P sued in Delaware for conversion, claiming that the title was transferred under the law of New York where he purchased. Held, under sec. 72 of the Delaware General Corporation Law (Rev. Code 1915, sec. 1986) "the situs of stock in a Delaware Corporation, in a suit brought here, is in the State of its creation, and can be nowhere else except for the purpose of taxation." The thief could convey no title to the purchaser. Hunt v. Drug (Del. 1931) 156 Atl. 384.

Recommended Citation

CORPORATIONS - SITUS OF STOCK FOR PURPOSE OF TRANSFER, 30 Mich. L. Rev. 1340 (1932).
Available at: https://repository.law.umich.edu/mlr/vol30/iss8/19