Gilbert v. Erie Building Ass'n
Supreme Court of Pennsylvania
Gilbert v. Erie Building Ass'n, 184 Pa. 554 (Pa. 1898)
39 A. 291; 1898 Pa. LEXIS 936
Dean, Green, McCollum, Mitchell, Pee, Williams
Gilbert v. Erie Building Ass'n
Opinion of the Court
The power of attorney on the back of the certificate signed by the plaintiff was in the usual general terms of such instruments, and contained no restrictions, qualifications or conditions. It contained a full power of sale, and certainly authorized a sale of the certificate by any attorney who had it in his lawful custody. The defendant was an innocent pledgee of the certificate, and was perfectly at liberty to advance money upon it, and take it as collateral, divested of all claims on the part of the owner. Under all the authorities a transfer executed in such circumstances confers a good title upon the person buying it or advancing money upon it.
Judgment affirmed.
Reference
- Full Case Name
- Clara A. Gilbert, Formerly Clara A. Lukens v. The Erie Building Association
- Cited By
- 3 cases
- Status
- Published
- Syllabus
- Stock—Transfer of stock—Pledge—Corporation. Where an owner of stock executes a power of attorney on the back of' the certificate in the usual terms of such instruments, without any restrictions, qualifications or conditions, an innocent pledgee of the certifioatefrom one who is in lawful possession of it holds it divested of all elaimson the part of the owner.