Ralston

Defendant is a corporation engaged in the business of banking, and having a capital stock divided into thirty thousand shares, of the par value of one hundred dollars each. One J. Baum owned sixty shares of such stock, and held a certificate therefor, which provided that no transfer of the stock described in the certificate would be made upon the books until payment of all indebtedness due to the bank from the person in whose name the stock might stand on such books. In 1881, Baum transferred said certificate for value to Peder Sather, who, on September 13, 1886, *212 demanded of the bank the appropriate entry of the transfer on its books. Baum then being in failing circumsiiances, and indebted to the bank in a sum greatly exceeding the value of the stock, it refused compliance with Sather’s demand. Soon afterward Sather died, and in April, 1888, said shares and certificate were by decree of court distributed to the plaintiffs in trust under the will of said deceased. Meanwhile, on March 10, 1887, the bank sold and transferred to the firm of Greenebaum & Co., ata large discount, the indebtedness held by it against said Baum. On July 3, 1888, plaintiffs produced to the bank the…

concurring.—I concur in the judgment solely on the authority of previous decisions of this court, and particularly Kimball v. Union Water Co., 44 Cal. 173 , 13 Am. Rep. 157 , and Fromm v. Sierra Nevada etc. Co., 61 Cal. 629 . If the question were an open one, I would hold, with the court below, that the refusal of a corporation to make a transfer on its books of shares of stock from one stockholder to another is not a conversion of such stock by the corporation.