KFLCC Kingdom Law 2nd Ed.

1112

STOCK

STOUTHRIEFP

STOCKHOLDER. A person who owns shares of stock in a corporation or joint stock company. See Mills v. Stewart, 41 N. Y. 386; Ross v. Knapp, etc., Co., 77 111. App. 424; Corwith v. Culver, 69 111. 502; Hirsh feld v. Bopp, 145 N. Y. 84, 39 N. E. 817; State v. Hood, 15 Rich. Law (S. C.) 186. The owners of shares in a corporation which has a capital stock are called "stock holders." If a corporation has no capital stock, the corporators and their successors are called "members." Civ. Code Dak. § 392. A machine consisting of two pieces of timber, arranged to be fastened to gether, and holding fast the legs of a person placed in it. This was an ancient method of punishment. The name of an order grantable in English chancery practice, to prevent drawing out a fund in court to the prejudice of an assignee or lienholder. STOCKS. STOP ORDER. STOPPAGE IN TRANSITU. The act by which the unpaid vendor of goods stops their progress and resumes possession of them, while they are in course of transit from him to the purchaser, and not yet actually deliv ered to the latter. The right of stoppage in transitu is that which the vendor has, when he sells goods on credit to another, of resuming the possession of the goods while they are in the possession of a car rier or middle-man, in the transit to the con signee or vendee, and before they arrive into his actual possession, or the destination he has ap pointed for them on his becoming bankrupt and insolvent. 2 Kent, Comm. 702. Stoppage in transitu is the right which arises to an unpaid vendor to resume the possession, with which he has parted, of goods sold upon credit, before they come into the possession of a buyer who has become insolvent, bankrupt, or pecuniarily embarrassed. Inslee v. Lane, 57 N. H. 454. Storing is the keeping merchan dise for safe custody, to be delivered in th& same condition as when received, where the safe-keeping is the principal object of depos it, and not the consumption or sale. O'Niel r. Buffalo F. Ins. Co., 3 N. Y. 122; Hynds v. Schenectady County Mut Ins. Co., 16 Barb. (N. Y.) 119. —Public store. A government warehouse, maintained for certain administrative purposes, such as the keeping of military supplies, the storing of imported goods under bonds to pay duty, etc.—Stores. The supplies of different articles provided for the subsistence and accom modation of a ship's crew and passengers. For merly this word included every species of theft accompanied with violence to the per son, but of late years it has become the vox signata for forcible and masterful depreda tion within or near the dwelling-house; while robbery has been more particularly applied to STORE. STOUTHRIEFF. In Scotch law. STOPPAGE. In the civil law. Compen* sation or set-off.

discharged. If there is a class of "preferred" stock, the common stock may in this sense be said to be "deferred," and the term is sometimes used as equivalent to "common" stock. But it is not impossible that a cor poration should have three classes of stock: (1) Preferred, (2) common, and (3) deferred; the latter class being postponed, In respect to participation in profits, until both the preferred and the common stock had received dividends at a fixed rate. See Cook, Corp. § 12; State v. Railroad Co., 16 S. C. 528; Scott v. Railroad Co., 93 Md. 475, 49 Atl. 327; Jones v. Railroad Co., 67 N. H. 234, 30 Atl. 614, 68 Am. St. Rep. 650; Lockhart v. Van Alstyne, 31 Mich. 76, 18 Am. Rep. 156; Burt v. Rattle, 31 Ohio St. 116; Storrow v. Mfg. Ass'n, 87 Fed. 616, 31 C. C. A- 139. —Capital stock. See that title.—Certifi cate of stock. See CERTIFICATE.—Guaran tied stock. Stock of a corporation which is entitled to receive dividends at a fixed annual rate, the payment of which dividends is guar antied by some outside person or corporation See Field v. Damson, eta, Mfg. Co., 162 Mass. 388, 38 N. E. 1126, 27 L. R, A. 136— Publio stocks. The funded or bonded debt of a gov ernment or state.—Special stock of a corpora tion, in Massachusetts, is authorized by statute. It is limited in amount to two-fifths of the actu al capital. It is subject to redemption by the corporation at par after a fixed time. The cor poration is bound to pay a fixed annual divi dend on it as a debt The holders of it are in no event liable for the debts of the corpora tion beyond their stock; and an issue of spe cial stock makes all the general stockholders liable for all debts and contracts of the corpora tion until the special stock is fully redeemed. American Tube Works v. Boston Mach. Co., 139 Mass. 5, 29 N. E. 63.—Stock association. A joint-stock company, (q. v.)— Stock-broker. One who buys and sells stock as the agent of others. Banta v. Chicago, 172 111. 204, 50 N. B. 233, 40 L. R, A. 611; Little Rock v. Bar ton, 33 Ark. 436; Gast v. Buckley (Ky.) 64 S. W. 632.— Stock corporation. A corpora tion having a capital stock divided into shares, and which is authorized by law to distribute to the holders thereof dividends or shares of the surplus profits of the corporation. Buker v. Steele (Co. Ct.) 43 N. Y. Supp. 350.—Stock dividend. See DIVIDEND.—Stock-exchange. A voluntary association of persons (not usually a corporation) who, for convenience in the transaction of business with each other, have associated themselves to provide a common .place for the transaction of their business; an 'association of stock-brokers. Dos Passos, Stock Brok. 14. The building or room used by an association of stock-brokers for meeting for the transaction of their common business.—Stock jobber. A dealer in stock; one who buys and sells stock on his own account on speculation. State v. Debenture Co., 51 La. Ann. 1874, 26 South. 600.—Stock-note. The term "stock note" has no technical meaning, and may as well apply to a note given on the sale of stock which the bank had purchased or taken in the payment of doubtful debts as to a note given on account of an original subscription to stock. Dunlap v. Smith, 12 111. 402.—"Water ed stock. Stock issued by way of increase or addition to the nominal capital stock of the corporation, and passing into the hands of stockholders either by purchase or in the form of a stock dividend, but which does not repre sent or correspond to any increase in the actual capital or actual value of the assets of the cor poration. See Appeal of Wiltbank, 64 Pa. 260, 3 Am. Rep. 585.