Ladysmith news-budget. [volume] (Ladysmith, Rusk County, Wis.) 1907-1927, 1913-08-22

| tificate to transfer title in accordance
with the provisions of section 1751n-1, is
effectual, except as provided in section
| 1751n-7, though made by one having no
fright of possession and having no au-
| thority from the owner of the certificate
J or from the person purporting to transfer
/ the title.
| Section 1751n-6. The Endorsement of a
certificate by the person appearing by the
certificate to be the owner of the shares
represented thereby is effectual, except
as provided in section 1751n-7, though
the lndOrSer or TRANSFORM.
Cd Was induced by fraud duresS Or
/! mistake to make the Endorsement or de-
| livery; or
G.? Has revoked the delivery OF the
certificate, or the authority given by the
Endorsement or delivery of the certificate;
| 60 Has died or become legally inca
pacitated after the Endorsement, whether
before or after the delivery of the certifi-
| cate; or
| ca Has received no consideration.
! Section 1751n-7. l. The possession of
the certificate may be reclaimed and the
| transfer thereof rescinded:
Cd If the Endorsement or delivery of a
certificate was produced by fraud or
| duress, or was made under such mistake
as to make the Endorsement or delivery
! inequitable; or
(2) If the delivery of certificate was
made without authority from the owner,
or after the owners death or legal inca
pacity, the possession of the certificate
may be reclaimed and the transfer Thereof
reScinded.
2. The provisions of subsection / shall
apply unless:
% The certificate has been transferred
| to a purchaser for value in good faith
without notice of any facts making the
| transfer wrongful; or
CD The injured person has elected to
waive the injury, or has been guilty Of
laches in endeavoring to enforce his
| rights.
3. Any court of appropriate jurisdic-
ton may enforce specifically such right
| to reclaim the possession of the certificate
or to rescind the transfer thereof and,
pending litigation, may enjoin further
transfer of the certificate or impound it.
Section 1751n-8. Although the trans
fer Of certificate or Of shares represent
ed thereby has been rescinded or set
aside, nevertheless, if the transferee has
possession of the certificate or of a new
certificate representing part or the whole
of the same shares of stock, a subsequent
transfer of such certificate by the trans
fierce, mediately Or Immediately, to pur-
chaser for value in good faith, without
notice of any facts making the transfer
wrongful, shall give such purchaser an
indefeasible right to the certificate and
the shares represented thereby.
Section 1751n-9. The delivery of a.
certificate by the person appearing by the
certificate to be the owner thereof with
out the Endorsement requisite for the
transfer Of the certificate and the shares
represented thereby, but with intent to
transfer such certificate or shares shall
Impose an obligation, in the absence of
an agreement to the contrary upon the
person SO delivering, to complete the
transfer by making the necessary in
dorSement The transfer shall take effect
as of the time when the Endorsement is
actually made This obligation may be
specifically enforced.
Section 1751n-10. An attempted trans
fer Of title to certificate or to the shares
represented thereby without delivery Of
the certificate shall have the effect of q
promise to transfer and the obligation, if
any, imposed by such promise shall be
determined by the law governing the
formation and performance of contracts
Section 1751n--11. L. A person who for
value transfers certificate, including one
who assigns for value a claim secured
by certificate, unless a contrary inten-
ton appears warrants:
% That the certificate is genuine;
CD That he has a legal right to trans
fer it; and
CD That he has no knowledge of any
fact which would impair the validity Of
the certificate.
2. In the case of an assignment Of a
claim secured by a certificate the liability
of the assignor upon such warranty shall
not exceed the amount Of the claim.
Section 1751n-12. A mortgage,
PLEDGE, or other holder for security Of
certificate who in good faith demands
or receives payment of the debt for which
such certificate is security, whether from
party to a draft drawn for such debt, or
from any other person, shall not by so
doing be deemed to represent or to war
rant the genuineness of such certificate,
or the value of the shares represented
thereby
Section 1751n-13 A creditor whose
debtor is the owner of a certificate shall
be entitled to such aid from courts of ap-
propriate jurisdiction, by injunction and
otherwise, in attaching such certificate or
in satisfying the claim by means thereof
as is allowed at law or in equity, in re-
gard to property which can not readily be
attached or levied upon by ordinary legal
process.
Section 1751n-14. There shall be no
lien in favor of a corporation upon the
shares represented by a certificate issued
by such corporation and there shall be no
restriction upon the transfer Of shares so
represented by virtue of any bylaws Of
such corporation, otherwise, unless the
right Of the corporation to such lien or
the restriction is stated upon the certifi-
cate.
Section 1751n-15. The alteration of a
certificate, whether fraudulent or not and
by whomsOever made, shall not deprive
the owner of his title to the certificate
and the shares originally represented
thereby and the transfer of such a GER
tificate shall convey to the transferee a
good title to such certificate and to the
Section 1751n-16. Where a certificate
has been lost or destroyed, court of
competent Jurisdiction may order the is
sue of new certificate therefor on SER
vice of process upon the corporation and
on reasonable notice by publication, and
in any other way which the court may
direct, to all persons interested, and upon
satisfactory proof of such loss or destruc-
ton and upon the giving of bond with
sufficient surety to be approved by the
court to protect the corporation or any
person injured by the issue Of GER
tiicate from any liability or expense
which it or they may incur by
remaining outstanding. The court
may also in its discretion order the pay
ment of the corpora tons reasonable costs
and counsel fees. The issue of a new
certificate under an order of the court as
provided in this section, shall not relieve
the corporation from liability in damages
to person to whom the original certifi-
cate has been or shall be transferred for
value without notice of the proceedings or
Of the issuance of the new certificate.
Section 1751n-17. In any case not pro-
vided for by sections 1751n-1 to 1751n-
%, inclusive, the rules of law and equity,
including the law merchant, and in par
ticular the rules relating to the law Of
principal and agent, executors, admins
traitors and trustees, and to- the effect Of
fraud, Misrepresentation. duress or CO.