7 Cal. 162
Decided July 1, 1857
California Supreme Court · decided 1857-07-01
The plaintiff and defendant were both attaching creditors of L. Hermann, who had, prior to both attachments, assigned one hundred shares of the American Russian Company to James C. Ward, as security for a loan, and one hundred shares to. George R. Ward, as security for another loan. In both cases, the stock was regularly transferred on the books of the Company, and the mortgagees had full power of attorney to sell, on non-payment of their respective claims.
Cited by 2 later decisions — most recently February 1931
2 state decisions
Good law ✅— No negative treatment on recordhow we know
Decided 1857-07-01
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¶1delivered the opinion of the Court—Murray, C.
¶2The stock having been regularly transferred to Ward on the books of the Company, the latter could no longer be privy to the interest of Hermann. What remained to Hermann, was an equity in the hands of Ward, to be ascertained after the payment of Ward’s debt, and so Ward was the only proper garnishee, and the first attachment of the fund in his hands has the prior lien, and is entitled to payment.
¶3Judgment reversed and cause remanded.