Riverside Portland Cement Co. v. Anchor Laundry Co.

STURTEVANT, J.

The plaintiff commenced an action against the defendant to compel it to transfer on its books certain shares of stock. The defendant appeared and answered the plaintiff’s complaint. Later M. E. Schaffer

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appeared as intervener and filed a pleading by him called a cross-complaint, in which he set forth a claim of title to the same stock and asked relief against the original plaintiff and original defendant accordingly. Schaffer’s pleading was answered by the original parties filing separate answers. A trial was had before the court sitting without a jury. The trial court entered an order of nonsuit against the plaintiff and no appeal has been taken from that order. The trial court made findings in favor of the original plaintiff and against the intervener, and ordered a judgment that the intervener take nothing and that the plaintiff and intervener each pay their own costs. From that judgment the intervener has appealed and has brought up a bill of exceptions.

Prior to the twenty-fifth day of July, 1919, the plaintiff had been attempting to collect certain promissory notes which were past due. Accordingly it had caused to be commenced an action in the superior court of the state of California in and for the county of Los Angeles, which action was entitled

James H. Woods

v.

M. E. Schaffer, E. J. Knight Company, a Corporation, and S-C Contracting Company, a Corporation.

The plaintiff in that action took out a writ of attachment against M. E. Schaffer and caused the same to be levied on certain real property belonging to Schaffer, and also to be levied upon two hundred shares of capital stock of the Anchor Laundry Company which was owned by him but was pledged to Heilman Commercial Trust and Savings Bank as security for the payment of two other promissory notes. Said last-mentioned action had not been brought to trial and was still pending on July 25, 1919. On that date the plaintiff and M. E. Schaffer entered into a contract in words and figures as follows, to-wit:

“Los Angeles, California, July 25th, 1919.

“For value received, I hereby sell, assign and transfer to the Riverside Portland Cement Company, a corporation, of Los Angeles, California, all of my right, title and interest in and to 200 shares of stock of the Anchor Laundry Company, a corporation, of Los Angeles, California, evidenced by certificates No. 1 for 40 shares, No. 2 for 40 shares, No. 3 for 40 shares, No. 4 for 40 shares, No. 23 for 39 shares and No. 24 for one share, which said stock