Stock Exchange — Seat in Is Personal Privilege — Sale of Seat Subject to By-Laws of Exchange.—There can be no sale of a “seat” or the privilege of transacting business in a stock exchange except in subordination to the rules of such exchange. This privilege, so far as it is property at all, is subject to the conditions and qualifications which entered into and became an incident in the property when it was created, and remains part of it into whose-soever hands it may come.

Id.—Forced Sale of Seat.—-Such a seat, being a mere right to belong to the association with the latter’s consent, and to enjoy certain personal .privileges and advantages which flow from membership therein, cannot be transferred without the consent of the association, and a forced sale of the seat would not give the purchaser the right to occupy the seat.

Id.—Rights of Assignee of Seat.—The assignee of a seat in such an exchange, takes it subject to the provisions of the constitution and by-laws of the exchange, and acquires no greater right than that which his assignor possessed.

Id.—Distribution of Proceeds of Sale of Seat by Exchange—Requirements of By-Laws—Filing of Claims.—Where the constitution of such exchange provides that “a person not a member of the board shall have the right to bring a claim against a member arising from any transaction in stocks or money loaned during his membership,” in a certain manner there stated, “and not otherwise,” and its by-laws provide that “all claims of members and non-members against said delinquent member must be filed with the secretary of the board within a time limited,” and that no claims unless so filed will ever be considered or enforced by the board, a general creditor of a member, who entirely omits to file his claim with the board, is debarred from participation in any award by the board of the proceeds of the sale of the seat of such member, made in accordance with other provisions of the by-laws.

Id.—President as Trustee of Proceeds—Action by General Creditor to Beach Proceeds—Parties.—Where under the constitution of such exchange, the president thereof is made a trustee of the proceeds of the sale of the seat of a delinquent member, for distribution amongst his creditors who have filed claims in accordance with the by-laws, a general creditor of such member, who never filed his claim, cannot maintain an action against the president and the board, to reach an alleged surplus of such proceeds remaining . after the payment of the filed claims, without making such creditors-parties to the action. In such action, a personal judgment against the president is erroneous.

Id.—Supplemental Proceedings to Reach Proceeds.—There being noprivity of contract between the exchange and a general creditor of a member to whom his seat has been assigned as security, the latter cannot maintain an action against the board to recover the proceeds-of the sale by it of such seat. The proper remedy of such assignee is by supplemental proceedings after judgment against the member, to participate in the trust fund, to which all the claimants against the fund are made parties.