ALBERT VS. THE SAVINGS' BANK OF BALTIMORE. 4H

decided in the Circuit Court, for in that case the stock was
transferred by parties who had no legal authority to make the
transfer, not being clothed with the legal title, and having but
a limited beneficial interest in the stock itself, and yet the
Messrs. Wilson, who took the transfer from parties thus desti-
tute of the legal capacity to sell, and having but a limited bene-
ficial interest, being bona fide purchasers without notice, were
protected. And it is very manifest, that unless purchasers may
rely with confidence upon the certificate of the bank, as evi-
dence of ownership, the difficulty of tracing out the true title
and the distrust which must surround this description of property,
will materially diminish its marketable value. In the case of
Hodges vs. the Planters Bank of Prince George's County, 7
G. & J., 306, the Court of Appeals say—(speaking of a trans-
fer of the stock of a bank made by the proper officers upon the
books,)—"If fraud or collusion exist, it will, as in all other
cases, vitiate the act; but if there be no fraud or collusion, the
bank, and not the transferree, must abide the loss, if a loss be
sustained by any act of the proper officer of the bank arising
either from a misconception of his duty or a want of judgment."

So far, therefore, as the Savings Bank is concerned, they be-
ing bona fide purchasers without notice, it might not be ne-
cessary to show that the trustees, Samuel and Andrew D. Jones,
had legal authority to transfer this stock. If the city of Balti-
more suffered them to make the transfer upon their books, and
issued a certificate to the transferree, the city, and not the
transferree, must bear the loss; and whether the title to the
stock passes or not, the latter will be protected; unless, indeed,
the party by whose negligence or default the loss was occa-
sioned should be incapable of making it good; which, of course,
in this case cannot be supposed.

But my opinion is, that Samuel and Andrew D. Jones had
the legal capacity to transfer this stock; though they may have
committed a breach of trust in doing so.

In the entry in the books of the city there was added to
their names, as proprietors of this stock, the word "trustees."

The language of the entry, as appears by the certificate, is,