Page:Black's Law Dictionary (Second Edition).djvu/1120

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STOCK

discharged. If there is a class of "preferred" stock, the common stock may in this sense he said to be "deferred," and the term is sometimes used as equivalent to “(‘UlJl‘|’t|0lJ" stock. But it is not impossible that :1 corporation should have three classes of stock: 0 (1) Preferred. (2) common, and (3) deferred; the litter class being postponed, in respect to participation in profits, until hoth the prefi-rred and the common stock bad receiwd dividends at a fixed rate. See Cook. Corp. § 12: State v. Railroad Co.. 16 S C. 518; Scott v. Railroad Co., 93 Md. 475. 49 Atl. 327; Jones v. Railroad Co.. 07 N. H. 234, 30 Ati. I314. GS Am. St. Rep. 650; Loclihart v. Van Aistgne. 31 Mich. 76, 18 Am. Rep. 156; Burt v Battle, 31 Ohio St. 116; Storrow v. lllfg. 0Ass‘n, 7 Fed. 616, 31 C. C. A. 139.

—Ca.pita.1 stock. See that title.—Cez-tuicute of stock. Sre Ci-nrirrci-.'ri:.—Gnaraotied stock. Stock of a corporation which is entitled to receive dividends at a fixed_ annual rate, the payment of which dividends is guar- Bnntiod by some outside pei-son or corporation. Roe Field v. Lamson. etc., Mfg. Co.. 1622 Mass. 533, 38 N. E. 1126. 27 L R. A. 136.—Pnblic stocks. The funded or bonded debt of a government, or sti-ite.—Specia.1 stock of a corporation. in Massachusetts. is authorized by statute. It is limited in amount to two-fifths of the actu- 1] capital. It is subject to redemption by the mrporiition at par after a fixed time. The corpomtian is bound to pay a fixed a.nnuai divi- dend on it as a. debt The holders of it are in no event liable for the debts of the corporation beyond their stock; and an issue of special 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. . .—Stock association. A joint—stock company, (q. v.)—Stook-broker. One “ho buys and sells stock as the agent of others. Bantu v. Chicago, 172 I11. 204, 50 l\'. . 33, 40 L. R. A. (ill: Littic Rock v. Barton, 33 Ark. 436: Gast v. Buckley (Ky.) 64 9 W. 63'2.—Stock corporation. A corpora~ ii in having a capital stock divided into shares, and which is authorized by law to distribute to the holders thereof dividends or shares of the suipliis irulits of the corporation. Bnker v. ‘n. CL) 43 N. Y. Supp. 350.—Stock dividend. See D'iviDEi\'n.—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 'nssociation of stock-brokers. Dos Passes, Stock- wk 14. The building or room used by an as; )1 iniion of stock-brokers for meeting for the tI‘i1Ii.~illl‘tifll1 of their common busi_uess.—Stnck- jobber. A dealer in stock: one who bu_vs and sell; stock on his own account on speculation. State L Di-benture Co., 51 La. Ann. 1ST-1. 26 S--nih. 600—Stook-note. The term "stock- has no technical meaning, and may as - . , ,iy to a note given on the sale of stock viliicii the bank had purchased or taken in the pm-nieiit of doubtful l](‘l)[S as to a note given on amount of an original siihscriplioii lo siork. Dunlap v. Smith, 12 Ill. 4f)2.—Watereil stock. Stock issued by way of increase or addition to the nominal capital stock of the corporation, and passini: into the hands of stockholders cither by purchase or in the form of a stock diviiiend, but which does not ri=pre~ sent or correspond to any increase in the aciunl capital or actual value of the assets of the or - poration. Sec Appeal of Wiitbank. 64 Pa. 2Li0, 3 Am. Itep. 585.

1112

STOUTHRIEFF

STOCKHOIJJI-:.'R. A person who on: shares of stock in a corporation or joint- stock company. See Mills v. Stewart. 41 N. Y. 386; Ross v. Knapp. etc. Co.. 424; Corwith v. Cuiier. 65) Ill. .30.: lZliirti- feid v. Bopp, 145 N. Y. S-1. 39 N. E. 817; Srite V. Ilood. 15 Rich. Law (S. C.) 186.

The owners of shares in a Corporinon which has a capital stock are called "sfcd.- holders." If a (-oi-poi-.ition has no rm-iui stock, the corporaturs and their snow-=4: are called “n1embers." Clv. Code Dak. §3‘.J2.

STOCKS. A machine consisting of two pieces of timber, arranged to be fastened together, and holding fast the legs of 5. person placed in it. This was an ancient method of punishment.

STOP ORDER. The name of an order grant-iluie in English chancery practice. to prevent drawing out a fund in court to the prejudice of an assignee or lienhoider.

STOPPAGE. sation or set-off.

In the civil law. Compen-

STOPPAGE IN TRAN SITU. 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 delivered to the latter.

The right of stoppage in triznsitii is that which the vendor has, when he sells goods on credit to another, of resuming the possession of tho goods while they are in the possession of a currier or midille-nzian, in the transit to the consignee or vendee, and before they arrive into his actual possession, or the destination he has appointed for mom on his becoming bankrupt and insolvent. 2 Kent, Comm. 702.

Sloppage in trail-ailit is the right which arise: 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 Ezcuniaiiiy embarrassed. lnsiee v. Lane, 57 N.

. 454.

STORE. Storing is the keeping merchan-

dise loi' sift iustoilv, to lie delivered in the same condition as -when received, where the safe—keeping is the principal object of deposit, and not the consumption or sale. 0'i\'lel V. ]3uiIalo F. Ins. Co.. 3 N. Y. 122; [lvuds v. Schenectady County Mnt. Ins. Co.. 16 Barb. (N. Y.) 119. —Pnbl.ic store. A government warehouse, maintained for certain aduiinisirative pi_ii-posts, such as the keeping of miiitur_v supplies, the storing of imported goods under bonds to my duty. etc.—Sto:-es. The siiiinlics of difirrent articles provided for the subsist:-nee and accom- modation of a ship's ore“ and passengers.

STOUTHRIEFF. In Scotch law. Formerly this word included every species of theft accompanied with violence to the person, but of late years it has become the was sigalifli for forcible and masterful depred.'1- tion wi thin or ne-ir the dwelling-house: while

robbery has been more part.‘ic1iiarly applied to