Scrip

A certificate or schedule. Evidence of the right to obtain shares in a public company; sometimes called "scrip certificate," to distinguish it from the real title to shares. Wharton; 15 Ark. 12. The possession of such scrip is prima facie evidence of ownership of the shares therein designated. Add. Cont. 203*. It is not goods, wares, or merchandise, within the statute of frauds. 16 Mees. & W. 66.

A certificate or schedule. Evidence of the right to obtain shares in a public company; sometimes called scrip certificate, to distinguish it from the real title to shares. Whart. L. Diet. Sometimes, in this country, it indicates a substitute for a cash dividend, usually payable out of future earnings. Land scrip is a certificate that the holder is entitled to take up so much (usually government) land. The possession of such scrip is prim a facie evidence of ownership of the shares therein designated; Add. Contr. 203*. It is not goods, wares, or merchandise within the statute of frauds; 16 M. & W. 66. Scrip certificates have been held negotiable; L. It. 10 Ex. 337; Dos Pasrevenue bond scrip of the state in the form of bills payable which resembled treasury notes. They bore no interest, but were made receivable for all bills due the state except taxes levied to pay Interest on the public debt. When received by the treasurer they could be paid out again, it was held they were intended to circulate as money, and were bills of credit within the prohibition of the federal constitution; Wesley v. Eells, 177 U. S. 370, 20 Sup. Ct. 661, 44 L. Ed. 810. See Dividend; Store Orders.

Certificates of ownership, either absolute or conditional, of shares In a public company, corporate profits, etc. Pub. St. Mass. 1882, p. 1295. A scrip certificate (or shortly "scrip") le an acknowledgment by the projectors of a company or the issuers of a loan that the person named therein (or more commonly the holder for the time being of the certificate) is entitled to a certain specified number of shares, debentures, bonds, etc. It Is usually given In exchange for the letter of allotment, and In Its turn is given up for the shares, debentures, or bonds which it represents. Lindl. Partn. 127; Sweet. The term has also been applied in the United States to warrants or other like orders drawn on a municipal treasury (Alma v. Guaranty Sav. Bank, 60 Fed. 207, 8 C. C. A. 564,) to certificates showing the holder to be entitled to a certain portion or allott-ment of publlc or state lands, (Walt v. State Land Office Comir, 87 Mich. 353, 49 N. W. 600,) and to the fractional paper currency issued by the United States during the period of the Civil War.

— Scrip dividend. See Divioend.

" A certificate or schedule. Evidence of the right to obtain shares in a pub- 1 [United States v. Eoyall, 3 Cranch, C. C. 622 (1829): Jacob's Law Diet. 2 4 Bl. Com. 168. 3 James v. Commonwealth, 11 S. & E. 226-36, Duncan, J., Gibson, J., Tilghman, C. J. * Commonwealth v. Mohn, 52 Pa. 245-46, Woodward, C. J. See also Whart. Cr. L. 171; 1 Bish. Cr. L. § 147; 1 Buss. Cr. 302; Laws of Prov. of Pa. (1682-1700j, Linn, 115, 145; 29 Harper's Weekly, 759-60 (1886). ' [Mc Cafferty v. Guyer, 59 Pa. 116 (If""' « Cowell's Law Diet. lie company: a scrip certificate, in distinction from the real title.' Scrip certificate. Entitles the holder to apply for shares in a public company. Insurance scrip. Shows that the holder will be entitled to a share in the profits of the company which issued the scrip whea they have been realized and declared. 2 Scrip issued in England by the agent ot a government, the holder, on payment of all installments, to receive the definitive bonds, and which, by the usage of dealers in public securities, is transferred by mere delivery, passes by such a delivery to a bona fide holder for value without title; that is, such script is itself a negotiable instrument.' State scrip, declaring on its face that it is receivable for " taxes and dues," gives the holder no right to have it received for tases unless he owes the taies.^ See Dividend, 3.

Certificates of shares in a public company, of an interest in corporate profits, &c. A scrip certificate is a certificate entitling the holder to apply for shares in a public company, either absolutely or on the fulfilment of specified conditions. Insurance scrip is a certificate issued from time to time by some insui-ance companies, showing that the holder will, in course of time, be entitled to a certain share in profits of the company when they shaD be realized and declared.