H.E. Ploof Machinery Co. v. Fourth Nat. Bank
| Decision Date | 27 January 1914 |
| Citation | 64 So. 360,67 Fla. 36 |
| Parties | H. E. PLOOF MACHINERY CO. et al. v. FOURTH NAT. BANK OF FLORIDA et al. |
| Court | Florida Supreme Court |
Appeal from Circuit Court, Duval County; George Couper Gibbs, Judge.
Suit between H. E. Ploof Machinery Company and another and the Fourth National Bank of Florida and others. From the decree the parties first mentioned appeal. Reversed with directions.
Syllabus by the Court
Under the Statutes of Florida, the lien of a levy upon the shares of stock in a corporation is not superior to a bona fide pledge of the stock by delivery of the certificate to the pledgee before the judgment was obtained.
COUNSEL J. C. Cooper & Son and E. J. L'Engle and P L. Gaskins, all of Jacksonville, for appellants.
Kay & Doggett and Marks, Marks & Holt, all of Jacksonville, for appellees.
This is an appeal from a final decree adjudging the respective priorities as between the pledgee of stock of judgment creditors, who secured their judgment after the stock had been pledged in good faith and for value, but levied under the statute upon the stock, before the holder of the certificate of stock so pledged had had the pledge registered on the stock book.
In the view we take of the case, it is not necessary to determine whether the alleged delay by the sheriff in making proper entry or return upon the writs in his hand avoided the levy.
Our statute, after declaring that stock in any Florida corporation shall be subject to levy, and providing the forms under which the levy shall be made, further declares that from the time of the levy Section 1647, Gen. Stats. of 1906.
Section 1648 provides the method of the sheriff's sale, and that his bill of sale 'shall vest in the purchaser all the titles of the judgment debtor; and upon the presentation of such bill of sale to the secretary or other officer controlling the transfer books of such corporation, it shall be his duty to transfer the said stock from the judgment debtor to the purchaser.'
We have no statute opening the stock book of a corporation to the public, or to prospective purchasers or pledgees of stock that privilege being accorded only to a stockholder (section 2658, Gen. Stats. of 1906), and further leaves it to the corporation to prescribe in its by-laws how its stock shall be transferable, provided previous assessments...
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