Court Opinion

ID: 8826859
Source: CourtListenerOpinion
Date Created: 2022-11-26 15:49:18.088588+00
Date Added: 2024-06-11T17:04:48.493477
License: Public Domain

Mr. Justice Carnes delivered the opinion of the court. 2. Corporations, § 172*—when contract for pooling of stock is valid. A valid, irrevocable contract by the owner of corporate stock passing title upon the death of the original owner, based upon a sufficient consideration, and not a testamentary disposition of such property, is created where the three owners of the stock in such corporation enter into a written agreement to vote their respective shares for each other for directors, and no other purposes, and such agreement provides that they shall be elected to specified offices and one of such stockholders agreed that in his absence or on his death a certain other of the parties to the agreement should have the voting of the stock standing in his name and that on his death the dividends on the shares should be paid to the other party, as well as one-third of the par value of the stock and another one-third of the par value thereof to his son, and the agreement further provides that it should not be changed or terminated except by the unanimous consent of the signers thereof, and should be binding on their heirs, executors, administrators and assigns. 3. Property, § 2*—what is. Property is strictly speaking that dominion or indefinite right of user and disposition which one may lawfully exercise over particular things or objects.