•  
  •  
 

Abstract

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.

Share

COinS