A, registered owner of certain stock certificates, endorsed them and turned them over to an agent with instructions to forward them to the respective corporations for transfer of the shares to A and B as joint tenants. Thereafter, the corporations issued certificates to A and B "as joint tenants with the right of survivorship and not as tenants in common." The plaintiff, A's administrator, brought a bill in equity against B to recover a one-half undivided interest in the shares of stock. Held, bill dismissed. No joint tenancy was created as there was an absence of the unities of time and title. However, a tenancy in common arose and since B had paid a valuable consideration, the equity court decreed that the plaintiff holds the legal title to his one-half undivided interest in the shares impressed with a constructive trust in favor of B. Strout v. Burgess, (Me. 1949) 68 A. (2d) 241.
JOINT TENANCY-CREATION OF JOINT TENANCY IN STOCK CERTIFICATES AND THE SHARES REPRESENTED THEREBY,
Mich. L. Rev.
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