Court Opinion

ID: 9695758
Source: CourtListenerOpinion
Date Created: 2023-08-25 18:28:43.881475+00
Date Added: 2024-06-11T18:20:16.119535
License: Public Domain

MANDERINO, Justice
(dissenting):
I dissent. The effect of the majority’s holding is that stock certificates are no longer subject to Sheriff’s sale *596upon the levy of a judgment creditor. Who would buy a stock certificate at a Sheriff’s sale if that certificate cannot be transferred to the purchaser ? The validity of the Sheriff’s sale has not been attacked in any way. Why then is the purchaser not entitled to a transfer of the stock? The only reason given by the majority is that a purchaser of stock at a Sheriff’s sale is not a purchaser. That conclusion is clearly erroneous, and I cannot agree with it.
The trial court granted summary judgment for the sole reason that appellant did not purchase the stock in good faith. In this appeal, the appellant contended that summary judgment was improper because there was an issue of fact as to whether appellant had notice of any adverse claim. The majority ignores this issue, and considers an issue which was not briefed or raised in the trial court or in this Court.
If the appellant did not have notice of any adverse claim, as must be assumed under the majority opinion, why is she deprived of the benefit of her purchase at a Sheriff’s sale which was entirely legal? If the appellant, who paid $8,000 for the stock at a Sheriff’s sale, cannot transfer what she bought, anyone who purchases stock at a Sheriff’s sale, in effect, purchases nothing. I must dissent from such a novel proposal.
If, as the majority states, 12A P.S. § 8-302 applies to the situation before us, why would it not apply to all purchases of stock at Sheriff sales ? If it does, no one would ever dare buy stock at a Sheriff’s sale in Pennsylvania because they would not be able to have the stock transferred into their name.
The trial court’s order granting summary judgment should be reversed and the matter remanded for a determination of the factual issue of whether appellant was a bona fide purchaser.