Cyclopedia of the law of private corporations Volume 6

9781236374837: Cyclopedia of the law of private corporations Volume 6
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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1919 Excerpt: ...This is particularly true where (N. 8.) 446, 132 8. W. 426. the action complained of was taken 93 See § 3914, infra. before the making of the pledge. Where the pledgor and the pledgee sell the stock to a third person at a price to be determined by an appraisement of the corporate assets, the purchaser agreeing to pay to the pledgee the amount of his claim and to the pledgor the excess, if any, a compromise by the pledgee with the buyer of his claim for less than the full amount due is a conversion of the purchaser's obligation, and the pledgor has the election either to sue the pledgee in damages for the conversion, or the buyer for any balance due over and above the pledgee's claims. If the buyer takes an assignment of the claim, he must give the pledgor credit thereon for the face value of the pledged stock, rather than the amount paid in the compromise.1 § 3914.--Right to incur expense to protect lien. The pledgee may incur reasonable expense necessary to maintain and keep the collateral available, and have a lien on the stock for the amount so paid.2 So he may pay reasonable assessments for the purpose of protecting and keeping available his security, and if he does so is entitled to a lien on the stock for the amount paid.8 And he is also entitled to First Nat. Bank of Beading v. Fergu-101 N. W. 459; Wells, Fargo & Co.'s son, 224 Pa. 397, 73 Atl. 551. Express v. Walker, 9 N. M. 456, 54 98 As where several directors to Pac. 875; Work v. Tibbits, 87 Hun whom stock has been pledged by the (N. Y.) 352, 34 N. Y. Supp. 308; same pledgor combine together and Reynolds v. Cridge, 131 Pa. St. 189, wrongfully depreciate its value, with 18 Atl. 1010. the intention of buying it in at less In a suit to redeem, the burden is than its actual value. Ritch...

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