Early v. Richardson - 280 U.S. 496 (1930)
U.S. Supreme Court
Early v. Richardson, 280 U.S. 496 (1930)
Early v. Richardson
Argued January 21, 22, 1930
Decided February 24, 1930
280 U.S. 496
1. When the purchaser of stock of a national bank receives from the seller the certificates properly endorsed, title passes and the transfer is complete as between the parties, and, as between them, the purchaser alone becomes liable for assessments thereafter imposed on the shares. P. 280 U. S. 498.
2. The actual owner of stock of a national bank may be held for an assessment thereon although his name does not appear upon the transfer books of the bank. P. 280 U. S. 499.
3. One who in good faith purchases stock of a national bank with the intention of making a gift thereof to his minor children, and causes the transfer to be made to them upon the books of the bank and certificates to be issued in their names, is nevertheless liable for assessments on the stock made subsequently for the benefit of creditors when the bank becomes insolvent, since the transferees, being minors, are without legal capacity to assume the obligation, and the transfer, having resulted to their disadvantage, will be avoided for them by the law. P. 280 U. S. 499.
4. One who purchases stock of a national bank with his own money as a gift for his minor children, and causes the certificates to be issued and registered in their names, does not become a trustee for the minor. P. 280 U. S. 500.
Answer to a question certified by the circuit court of appeals on an appeal from a judgment for the respondent, who resisted payment of an assessment on shares of national bank stock.