A Treatise on the Law of Stock-Brokers and Stock-Exchanges, Vol. 2 of 2 (Classic Reprint)

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Excerpt from A Treatise on the Law of Stock-Brokers and Stock-Exchanges, Vol. 2 of 2 But negligence cannot be imputed to trustees for leaving documents of title in the hands of one of their number, and allowing him to receive the income, and no authority to deal with the property (railway debentures) can be implied even in favor of a bona y'z'de purchaser from such trustee.1 And the mere intrusting, by the owner of stock, of his cer tificates to bankers for safe-keeping is not of itself such neg ligence as will prevent a reclamation even after the stock has passed into the hands of a bona fide purchaser by means of a forgery because the mere possession of the certificates is not complete evidence of ownership. It is, however, such negligence as disentitles the owner who reclaims to costs.'2 So in Bank vs. Evans3 trustees of an incorporated charity possessed stock in the public funds registered in the Bank of Ireland. The secretary of the incorporated trustees was allowed to have the seal in his possession. Five powers of attorney, sealed with the seal of the incorporated trustees, the due affixing of which seal was attested by witnesses, were presented to the bank, and the stock was transferred. By a power of att6rney duly executed, the trustees then authorized C. To transfer the stock, but the bank refused to make the transfer. An action was brought by the trustees on this refusal, the judge who tried the case told the jury that if, under these circumstances, the trustees bad so neg ligently conducted themselves as to contribute to the loss, the verdict must be given for the bank. On exception for this direction, held, that it was wrong. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully, any imperfections that remain are intentionally left to preserve the state of such historical works.