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Reports of Cases in the High Court of Chancery of Maryland 1846-1854
Volume 200, Volume 4, Page 363   View pdf image (33K)
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COHEN VS. GWYNN. 363
having authority to do so, to a bona fide purchaser without notice,
and the court recognizing the validity of the title of the pur-
chaser, decided that the banks should make good the trust fund,
provided, it was not reimbursed by the parties who received the
money from the purchasers. It was suggested in the argument
that that case differed from this, because, in that, the question
was supposed to be between the trustees and the purchaser,
whilst in this it is between the purchaser and the stockholders.
But the decision that the banks should make good the trust
fund in that case, was of course, a decision that the stockholders
should make it good, the latter being in effect the banks.
The ground of the decision was, that the banks having notice
of the trusts with which the stock was clothed, and its officers
being the trustees of the stockholders, could not, without making
the bank responsible, by negligence or mistake, allow the title
to pass by a transfer by any others than by those having com-
petent authority to do so.
So in this case, the trustees were the trustees of the stock-
holders, and if they suffer stock to be transferred to a bona fide
purchaser, without notice, by a person not having authority to
make the transfer, tho loss, in a contest between such purchaser
and the stockholders ought to fall upon the latter. This ap-
pears to me the clear equity of the case, and I shall so order.
The petitions and exceptions also object to the allowance to
the administrator of 13. 1. Cohen, and as by the agreement it is
admitted, that this exception is well taken, the costs of the pe-
tition and exceptions will be allowed.
THOS. G. PRATT, for Exceptants.
R. W. GILL, for Cohen.

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Reports of Cases in the High Court of Chancery of Maryland 1846-1854
Volume 200, Volume 4, Page 363   View pdf image (33K)
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