Strong v. Chaney
Strong v. Chaney
Opinion of the Court
The complainant is president of the Wilder-Strong Implement Company, a corporation doing business in Monroe. In December, 1909, he was, president of the Charlevoix Company, which had control of an apartment hotel, known as the Charlevoix in Detroit. The company was in need of funds, and for the purpose of raising money Mr. Strong secured a loan from his wife for $2,700, and as evidence of that indebtedness gave the note of the Charlevoix Company, indorsed by himself and the treasurer of the company. Mrs. Strong subsequently recovered judgment on this note. As security for the payment of the note Mr. Strong gave to her certain certificates of stock of the Charlevoix Company, also certificates Nos. 8, 9, and 10 of the Wilder-Strong Implement Company
The appellant contends that as the certificate of stock stood in the name of Mrs. Strong at the time of her death, this affords prima facie evidence of her ownership, and that the burden of showing it belonged to the complainant, and has not been met by him. It is also claimed that Mrs. Strong claimed the stock as her own, and that this claim was recognized by the complainant, and that she never delivered the certificate to the complainant nor authorized any one to do so. We have carefully considered these claims in connection with the evidence disclosed, by the record. It is agreed that the stock was originally owned by Mr. Strong, and it is clear it was transferred to Mrs. Strong to secure her for a loan she made, which was afterwards put into a judgment. The loan so far as she was concerned was satisfied, and she was paid her money. We think it is also shown that at the time, and as part of the transaction, she caused the certificate to be delivered to a member of the legal firm through whose agency she obtained her money for the loan she had made, and that the certificate was then delivered to Mr. Strong, who claimed that as the debt was paid the stock belonged to him.
We are entirely satisfied that the decree of the court below is justified by the evidence, and it is affirmed, with costs.
Reference
- Full Case Name
- STRONG v. CHANEY
- Status
- Published