Newlin

Newlin v. Myers

Good Law
1913 Cal. App. LEXIS 388·23 Cal. App. 482·138 P. 927
Court of Appeal of CaliforniaDecember 13, 1913Civ. No. 1427.California3,348 words

Opinion

Lead Opinion

Shaw, J.

Action to recover certain shares of' corporate stock pledged by plaintiff’s testate to defendant. Judgment went for plaintiff, from which defendant appeals upon a reporter’s transcript.

The suit was instituted by George R. Myers, who thereafter died, and Thomas E. Newlin, as executor of his estate, was substituted as plaintiff.

The following facts shown by the uneontradicted evidence, or allegations of the complaint not denied, appear: That on December 29, 1903, the Sanitary Laundry Company was a corporation, the capital stock of which was distributed and held as follows: Plaintiff’s testate, George R. Myers, 198 shares; J. H. Keifer, 198 shares; Emma B. Myers, 1% shares; Laura Keifer, 1% shares, and Sheldon Borden, 1 share. The corporation was in financial distress and without funds to meet its obligations, some of which were held by said George R. Myers, but 'neither he nor Keifer was able to make further advances to the company. Defendant was a cousin of George R. Myers and engaged in the practice of law, and theretofore had acted as his attorney and confidential legal adviser. Upon being made acquainted with the financial condition of the corporation, defendant, at the…

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