No. 51176.

125 N.W.2d 795 (1964)

Maree E. SMITH and Phil Morris, Appellants, v. Harold A. STOWELL, Defendant-Appellee, Jane Biddick, Executrix under the Will of Matt H. Biddick, Deceased, Appellee.

Supreme Court of Iowa.

Rehearing Denied March 10, 1964.

Attorney(s) appearing for the Case

DeWitt H. Smith, Marion, for appellants.

Fisher & Pickens, Cedar Rapids, for defendant-appellee.

GARFIELD, Chief Justice.

This is a controversy over the right to own 30 shares of stock in the First National Bank of Marion, Iowa, issued to defendant Stowell in the summer of 1958 as part of a stock dividend, following a transfer of $150,000 from the bank's surplus of $450,000 to its capital of $50,000. After the transfer, the surplus was $300,000 and the capital $200,000. Three shares of new stock or multiple thereof were issued to each holder of one share of old...


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