ART. 23] STOCK TRANSFER. 555

1910, ch. 73, sec. 37 I (p. 69).

46. The delivery of a certificate by the person appearing by the
certificate to be the owner thereof, without the indorsement requisite for
the transfer of the certificate and the shares represented thereby, but
with intent to transfer such certificate or shares, shall impose an obliga-
tion, in the absence of an agreement to the contrary, upon the person
so delivering to complete the transfer by making the necessary indorse-
ment. The transfer shall take effect as of the time when the indorse-
ment is actually made. This obligation may be specifically enforced.

1910, ch. 73, sec. 37 J (p. 69).

47. An attempted transfer of title to a certificate or to the shares
represented thereby, without delivery of the certificate, shall have the
effect of a promise to transfer, and the obligation, if any, imposed by
such promise shall be determined by the law governing the formation
and performance of contracts.

1910, ch. 73, sec. 37 K (p. 69).

48. A person who for value transfers a certificate, including one
who assigns for value a claim secured by a certificate, unless a contrary
intention appears, warrants—

(a) That the certificate is genuine;
(b) That he has a legal right to transfer it; and

(c) That he has no knowledge of any fact which would impair the
validity of the certificate.

In the case of an assignment of a claim secured by a certificate, the
liability of the assignor upon such warranty shall not exceed the amount
of the claim.

As to the warranties of an endorser of negotiable paper, see art. 13, sec-
tions 84 and 85.

As to the warranties of a transferor or endorser of bills of lading, see
art. 14, sec. 35.

As to the warranties of a transferor or endorser of warehouse receipts,
see art. 14 A, sec. 44.

1910, ch. 73, sec 37 L (p. 69).

49. A mortgagee, pledgee or other holder for security of a certifi-
cate who in good faith demands or receives payment of the debt for
which such certificate is security, whether from a party to a draft
drawn for such debt, or from any other person, shall not by so doing
he deemed to represent or to warrant the genuineness of such certifi-
cate, or the value of the shares represented thereby.

1910, ch. 73, sec. 37 M (p. 70).

50. No attachment or levy upon shares of stock for which a certifi-
cate is outstanding shall be valid until such certificate be actually
seized by the officer making the attachment or levy, or be surrendered
to the corporation which issued it. or its transfer by the holder be
enjoined. Except whore a certificate is lost or destroyed, such corpora-