The Law of Railways : Embracing the Law of Corporations, Eminent Domain, Contracts, Common Carriers, Telegraph Companies, Equity Jurisdiction, Taxation, the Constitution, Railway Investments, &c.

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6. And there is the same difficulty in compensating the purchas- er of stocks, where a transfer on the books has been denied in an action at law. In some cases this has been attempted to be done by allowing the party to recover the highest market price of the stock between the refusal to transfer and the trial. But the only rule at all analogous to settled principles seems to be that the cor- poration shall pay the value of the stock at the date of their refusal to transfer it, as that is the t
...ime when the corporation became in default, and when by said default the stock, as between the parties became theirs.^ The question of the effect of forged and fraudu- lent transfers is very ably discussed by the court of Chancery Appeal in Tayler v. Great Indian Peninsular Railway.^ rule, one who understandingly consents to have shares transferred into his name upon the public registry of shares, must be content to assume all the responsi- bility towards the public and the other shareholders not conusant of the special contract, which any other shareholder would incur.

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