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Page 101

CHAPTER 10
SHARES

Any dividends or other benefits declared after the date of the contract and received by the vendor must be handed to the purchaser, who must indemnify the vendor against calls made after that date.

Spencer v. Aslaworth Partin,qton & Co., [1925] 1 K.B. 589. X., owner of shares not fully paid up, sold to Y., giving him a blank transfer. Y., without being entered on the register, sold to Z., giving Z. a blank transfer. Z. was not entered on the register, and became bankrupt. The company made a call on X. Held, Y. was bound to indemnify X., although he had then no beneficial interest.
Note. Z. would have been liable to indemnify X. only during the period of his beneficial ownership.

Forged Transfers.-A forged transfer is a nullity and cannot affect the title of the shareholder whose signature is forged. If the company, therefore, has registered the forged transfer and removed the true owner from the register, it can be compelled to replace him.(23) It can then claim an indemnity from the person who sent the forged transfer for registration.
Sheffield Corpn.v. Barclay, [1905] A. C. 392. B. sent to the corporation for registration a transfer of stock which stood in the name of T. and I3. The transfer was a forgery, T. having forged H.'s signature to the transfer, but B. was ignorant of this. The corporation registered the transfer. H. subsequently discovered the forgery and compelled the corporation to buy him an equivalent amount of stock, and to pay him the missing dividends with interest. Held, B. was bound to indemnify the corporation upon an implied contract that the transfer was genuine.
To protect themselves against the consequences of forged transfers, companies usually, on a transfer being lodged for registration, write to the transferor informing him of the transfer and of their intention to register it unless by return of post they hear to the contrary. The neglect of the shareholder to reply to this communication does not estop him from proving that the transfer is a forgery. (24)
By the Forged Transfers Acts, 1891 and 1892, companies are empowered to pay compensation for any loss sustained owing to forged transfers, even if they are under no legal obligation to pay it. The Acts provide for the formation of a fund, if the company thinks fit, to meet claims for compensation.
Priorities.-When the same shares are claimed by two innocent parties the general rules are:
1. The party who is on the register has priority.
2. If neither party is on the register, the party whose equitable title is first in time has priority.
For example, if X., the registered owner, is trustee of the shares for Y. and, in breach of trust, sells the shares to Z., who buys without

23 Barton v. N. Staffordshire By. (1888), 38 Ch. D. 458.
24 Bartoxz v. L. & N. W. By. (1890), 24 Q. B. D. 77.

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where is HTML where is HEAD where is TITLE Any dividends or other benefits declared after what is date of what is contract and received by what is vendor must be handed to what is purchaser, who must indemnify what is vendor against calls made after that date. Spencer v. Aslaworth Partin,qton & Co., [1925] 1 K.B. 589. X., owner of shares not fully paid up, sold to Y., giving him a blank transfer. Y., without being entered on what is register, sold to Z., giving Z. a blank transfer. Z. was not entered on what is register, and became bankrupt. what is company made a call on X. Held, Y. was bound to indemnify X., although he had then no beneficial interest. Note. Z. would have been liable to indemnify X. only during what is period of his beneficial ownership. Forged Transfers.-A forged transfer is a nullity and cannot affect what is title of what is shareholder whose signature is forged. If what is company, therefore, has registered what is forged transfer and removed what is true owner from what is register, it can be compelled to replace him.(23) It can then claim an indemnity from what is person who sent what is forged transfer for registration. Sheffield Corpn.v. Barclay, [1905] A. C. 392. B. sent to what is corporation for registration a transfer of stock which stood in what is name of T. and I3. what is transfer was a forgery, T. having forged H.'s signature to what is transfer, but B. was ignorant of this. what is corporation registered what is transfer. H. subsequently discovered what is forgery and compelled what is corporation to buy him an equivalent amount of stock, and to pay him what is missing dividends with interest. Held, B. was bound to indemnify what is corporation upon an implied contract that what is transfer was genuine. To protect themselves against what is consequences of forged transfers, companies usually, on a transfer being lodged for registration, write to what is transferor informing him of what is transfer and of their intention to register it unless by return of post they hear to what is contrary. what is neglect of what is shareholder to reply to this communication does not estop him from proving that what is transfer is a forgery. (24) By what is Forged Transfers Acts, 1891 and 1892, companies are empowered to pay compensation for any loss sustained owing to forged transfers, even if they are under no legal obligation to pay it. what is Acts provide for what is formation of a fund, if what is company thinks fit, to meet claims for compensation. Priorities.-When what is same shares are claimed by two innocent parties what is general rules are: 1. what is party who is on what is register has priority. 2. If neither party is on what is register, what is party whose equitable title is first in time has priority. For example, if X., what is registered owner, is trustee of what is shares for Y. and, in breach of trust, sells what is shares to Z., who buys without 23 Barton v. N. Staffordshire By. (1888), 38 Ch. D. 458. 24 Bartoxz v. L. & N. W. By. (1890), 24 Q. B. D. 77. where is meta name="keywords" content="old books, Free book , free book offer , free audio books , free coloring book pages , free book reports , free audio book , audio books free download , book free , free guest book , books free , free book summaries , download free audio books , free childrens books." where is where are they now rel="stylesheet" type="text/css" href="../../style.css" where is meta http-equiv="Content-Type" content="text/html; charset=iso-8859-1" where is BODY bgColor=#ffffff text="#000000" where are they now ="#000000" v where are they now ="#FF0000" where is div align="center" where is strong where is strong where is a href="http://www.aaoldbooks.com" Books > where is a href="../default.asp" title="Book" Old Books > where is strong where is a href="default.asp" Poetry Northwest (1959) where is table width="700" border="1" align="center" cellpadding="15" cellspacing="0" where is center where is tr where is td width="160" align="center" valign="top" where is div align="center" where is td align="center" valign="top" where is div align="left" where is div align="center" where is p align="left" Page 101 where is strong CHAPTER 10 SHARES where is p align="justify" Any dividends or other benefits declared after what is date of what is contract and received by what is vendor must be handed to what is purchaser, who must indemnify what is vendor against calls made after that date. Spencer v. Aslaworth Partin,qton & Co., [1925] 1 K.B. 589. X., owner of shares not fully paid up, sold to Y., giving him a blank transfer. Y., without being entered on what is register, sold to Z., giving Z. a blank transfer. Z. was not entered on what is register, and became bankrupt. what is company made a call on X. Held, Y. was bound to indemnify X., although he had then no beneficial interest. Note. Z. would have been liable to indemnify X. only during what is period of his beneficial ownership. Forged Transfers.-A forged transfer is a nullity and cannot affect what is title of what is shareholder whose signature is forged. If what is company, therefore, has registered what is forged transfer and removed what is true owner from what is register, it can be compelled to replace him.(23) It can then claim an indemnity from what is person who sent what is forged transfer for registration. Sheffield Corpn.v. Barclay, [1905] A. C. 392. B. sent to what is corporation for registration a transfer of stock which stood in what is name of T. and I3. what is transfer was a forgery, T. having forged H.'s signature to what is transfer, but B. was ignorant of this. what is corporation registered what is transfer. H. subsequently discovered what is forgery and compelled what is corporation to buy him an equivalent amount of stock, and to pay him what is missing dividends with interest. Held, B. was bound to indemnify what is corporation upon an implied contract that what is transfer was genuine. To protect themselves against what is consequences of forged transfers, companies usually, on a transfer being lodged for registration, write to what is transferor informing him of what is transfer and of their intention to register it unless by return of post they hear to what is contrary. what is neglect of what is shareholder to reply to this communication does not estop him from proving that what is transfer is a forgery. (24) By what is Forged Transfers Acts, 1891 and 1892, companies are empowered to pay compensation for any loss sustained owing to forged transfers, even if they are under no legal obligation to pay it. what is Acts provide for what is formation of a fund, if what is company thinks fit, to meet claims for compensation. Priorities.-When what is same shares are claimed by two innocent parties what is general rules are: 1. what is party who is on what is register has priority. 2. If neither party is on what is register, what is party whose equitable title is first in time has priority. For example, if X., what is registered owner, is trustee of what is shares for Y. and, in breach of trust, sells what is shares to Z., who buys without 23 Barton v. N. Staffordshire By. (1888), 38 Ch. D. 458. 24 Bartoxz v. L. & N. W. By. (1890), 24 Q. B. D. 77. where is Server.Execute("_SiteMap.asp") %

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