Dewing v. Perdicaries - 96 U.S. 193 (1877)
U.S. Supreme Court
Dewing v. Perdicaries, 96 U.S. 193 (1877)
Dewing v. Perdicaries
96 U.S. 193
1. All acts done in aid of the rebellion were illegal and void.
2. Pursuant to a statute of the Confederate States, and to an order of the Confederate District Court for the District of South Carolina, certain shares of the stock of a corporation of that state were, upon the ground that the owners of them were alien enemies, sequestrated and sold in 1862 at public auction, and the company was required to erase from its stock books the names of such owners, insert those of the purchasers, and issue stock certificates to them. All dividends thereafter from time to time declared were paid to the purchasers, against whom, or their assignees, and the company, this bill was filed by an original stockholder, praying for a decree that the certificates so issued be cancelled as null and void, and the defendants enjoined from selling them, bringing suits to effect the transfer thereof, or collect dividends thereon, and the company from allowing such transfers, issuing new certificates for the same, or paying such dividends. The court decreed accordingly.
1. That the order of sequestration, the sale, the transfer on the stock books of the company, and the new certificates were void, giving no right to the purchasers or to their assignees and taking none from the original owners.
2. That the bill was well brought, and the corporation a proper party defendant.
3. That the purchasers or their assignees have no claim against the company for indemnity, but if under the circumstances entitled to any redress, they must seek it by suit against the parties by whom they claim to have been defrauded.
The facts are stated in the opinion of the Court.