Bunde v. Smith
Bunde v. Smith
Opinion of the Court
Two actions consolidated for trial. Plaintiff in each action bought twenty-five shares of stock of the State Bank of Grover, of the par value of $100 a share, and each
The appeal might be disposed of by reminding appellants that one cannot keep the merchandise and also have the price. Commercial Investment Trust v. Wesling, 53 S. D. 337, 220 N. W. 855. Appellants cite a number of authorities to the effect that, where shares of stock have been wrongfully transferred without the consent of the owner, he may resort to' equity to compel the corporation to set aside the transfer and restore him to his rights as a stockholder, or he may recover damages for the wrongful transfer, and contend that these remedies are exclusive. Counsel for appellants admit that industrious search on their part has not revealed' “a parallel case” to this. We can readily believe that it would be hard to find a case where a seller of property, having it in his possession, resold it for a much higher price than was due from the purchaser, and, after having been paid that price, insisted on likewise being paid by the original purchaser who had either never received the property or from whom it had been retaken by the seller.
It has been held that the Uniform Sales Act applies to the sale of corporate stock, Postel v. Hagist, 251 Ill. App. 454, and under that act, where a note has been received as conditional payment for good's and is dishonored by nonpayment, the seller, if the goods are in his possession, may resell them, in which case he is not liable for any profit made by the resale, but cannot recover from the original buyer unless he sustains a loss on the resale.
The judgments are affirmed.
Reference
- Full Case Name
- BUNDE v. SMITH, Superintendent of Banks
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- 1 case
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- Published