Opinion
Gen. No. 43,797. (Abstract of Decision.)
Opinion filed June 20, 1949 Released for publication July 18, 1949
CORPORATIONS, § 543 — burden of proof in suit to compel transfer of shares of stock on corporation's books. In suit to compel transfer of shares of stock of defendant company on its books in accordance with an assignment by vice president of plaintiff company to plaintiffs of a stock certificate, previously issued by defendant company to vice president, wherein plaintiffs alleged that vice president became registered holder of shares by virtue of a transaction which was in effect a purchase and sale, and defendants alleged as an affirmative defense that such transaction was a pledge as security for a loan which had been repaid, proof of delivery of certificate and possession by plaintiffs made a prima facie case of ownership and placed upon defendants burden of proving by clear, satisfactory and convincing evidence that delivery of certificate was not a transfer of title but a pledge.
See Callaghan's Illinois Digest, same topic and section number.
Appeal from the Superior Court of Cook County; the Hon. JOHN J. LURE, Judge, presiding.
Reversed and remanded.
Heard in the first division, first district, this court at the October term, 1946;
Daily, Dines, White Fiedler, for appellants;
Homer D. Dines, Joseph A. Conerty and Donovan Y. Erickson, of counsel;
Owens Owens, for appellees;
Thomas L. Owens and Vincent G. Rinn, of counsel.
Not to be published in full. Opinion filed June 20, 1949; released for publication July 18, 1949.