Morson v. Second National Bank Of Boston

29 N.E.2d 19 (1940)

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Nature of the Case

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Facts

About September 20, 1937, while Turner and Mildred Turner Copperman, wife, (D) were traveling together in Italy, Turner handed to Mildred (D) a sealed envelope previously marked by him 'Property of Mildred Turner Copperman.' As he did so he said, 'These are yours.' The certificate in his name, dated October 6, 1933, was in the envelope. He also said that he would have to sign the back of the certificate. Two days later a notary and two witnesses came to the hotel where the parties were staying. Mildred (D) produced the certificate, and 'Turner signed his name on the back and then he filled in the name of Miss Copperman and her address' and delivered the certificate to Mildred Turner Copperman, who 'accepted it.' Turner's intention at that time was 'to make an absolute gift to Mildred Copperman to take effect at once.' The transfer, although done in Italy, was by the book under Massachusetts corporate law. The certificate was for one hundred fifty shares of the stock of the Massachusetts Mohair Plush Company (D), a Massachusetts corporation. The husband died and the estate, P, sought to recapture the certificate which had been delivered to the Bank (D). P contends the validity of the transfer is to be judged by the law of Italy, and that certain formalities required by that law for the making of gifts, in general, were not observed. The court ruled for P and Ds appealed.