Goyer Cold Storage Co. v. Wildberger
Goyer Cold Storage Co. v. Wildberger
Opinion of the Court
delivered the opinion of. the court.
Section 844 of the code of 1892 has no influence on the transaction in reference to the shares of the building and loan association, assuming that such are within its contemplation, because the transaction took place before the code took effect. By the law in force when the transfer was made, a right was vested in Wildberger by the action of Blake with reference to the shares, paramount to the claim of creditors of Blake, to subject them to execution. It matters not that the transfer was not fully consummated, so far as relates to the action of the building and loan association according to its by-laws. They are for the benefit of the association, and not for creditors, who have no right to complain on this ground. It is enough to defeat creditors of the transferrer of shares that the right of another has attached before subjection to the process in behalf of creditors, and that was the case here. The transaction between Wildberger and Blake was a perfectly legitimate one, and unassailable. Even if he knew that Blake was heavily involved and hard pressed by creditors, and insolvent, he had a perfect right to obtain payment of what was due him by purchasing the shares in the building and loan association, and', in doing so, acquired a right in them superior to subsequently levied executions. The law is very tolerant of the efforts of a cred
The criticism of counsel on the misjoinder of parties and issues, and on the impossibility of the truth of the claim of two different parties to the ownership of the shares in dispute, however just, cannot avail the appellants, since it is manifest that they have no right to subject them to their execution, and that is an end of their claim, for, if they have no right to them, it does not concern them who has.
The objection that, if Wildberger had any right, it was equitable, and unavailing in a court of law, is unavailing, if it is only equitable, for now courts of law may administer equitable relief and courts of chancery legal relief, and no ■complaint can be made of it. Under the new constitution, we have practically a complete.blending of law and equity, .and only maintain separate courts to administer them. The necessary effect of §147 of the constitution is to produce this result, for it would be absurd for this court to reverse a judgment because equity had been administered by a court of law, and remand the case to a chancery court, with directions to do what the court of law had already done; and so, where chancery had entertained a purely legal demand, and disposed of it correctly.
Affirmed.
Reference
- Full Case Name
- Goyer Cold Storage Co. v. R. H. Wildberger
- Cited By
- 8 cases
- Status
- Published
- Syllabus
- 1. Corporate Stock. Transfer. Code 1892, § 844; not retroactive. Section 844, code 1892, providing that “ the legal title to stock in a corporation, and the beneficial interest therein, shall remain in the person appearing to be owner by the books of the corporation, as to creditors, until after a bona fide transfer have been made on the books,” has no application to transactions which took place before the code went into effect. 2. Transfer of Stock. By-laws. Bights of creditors. Equitable assignment. By-laws of a corporation requiring transfers of stock to be noted on its books are for the benefit of the corporation only. Where, prior to the code of 1892, a stockholder in a building and loan association filed with the secretary a notice of withdrawal of his stock, directing payment of its withdrawal value to certain creditors, and giving drafts on the association in their favor, which were accepted by the secretary, this was an equitable assignment of the stock, valid as against creditors of such stockholder subsequently levying thereon. 3. Debtor and Creditor. Transfer to pay debt. Fraud. Where the sole object of a creditor in obtaining property from his debtor is to get either payment or security for his debt, and, in so doing, he does not aid him in any effort to defraud creditors, the transaction will be valid, notwithstanding the debtor be heavily embarrassed and pressed by other creditors. The law is tolerant' of the efforts of a creditor to obtain payment of his dues from a failing debtor. 4. Claimant’s Issue. Error as between claimants. Who may object. A plaintiff in execution who, on a claimant’s issue, failed to show his right to subject the property, cannot, after judgment in favor of several claimant’s thereof, object to the misjoinder of issues or to errors in the judgment as between the several claimants. 5. Supreme Court. Error as to jurisdiction. Const. 1890, §147. In view of 'i 147, constitution 1S90, a judgment of the circuit court on a claimant’s issue will not be reversed merely because it appears that the successful claimant had only an equitable title.