STOCK. In Mercantile Law. The capital of a merchant, tradesman, or other person, including his merchandise, money, and credits. The goods and wares he has for sale and traffic. The capital of corpora acme: this latter is usually divided into equal shares of a determined value. The indebt edness of states is sometimes represented by stock, and sometimes by bonds. Stock is in scribed on the proper books in the name of the person owning it, and can only be trans ferred by such person or his attorney. Bonds are transferable by delivery, and are payable to bearer. The United States debt consists in part of stock and bonds, as does also the debt of several of the states. The debt of Great Britain is entirely in stock.
2. Stock held by individuals in corporate companies or in government loans is gene rally considered as personal property 4 Dane, Abr. 670; 6 Cush. Mass. 282; Angell & A. Corp. 560. See PERSONAL PRO PERTY. Certificates of stock are usually issued to the person to whom it is trans ferred ; and when a new transfer is effected, such certificate is surrendered and cancelled, a new one being issued to the transferee.
Stock is sometimes sold by delivering the certificate, accompanied by a power of attor ney to transfer it; but it appears that such a sale amounts to no more than a mere equita ble assignment. 2 Wheat. 393 ; 1 Pet. 299 ; 10 id. 616. See 3 T. B. Monr. Ky. 126.
Stock issued by the agent of a company transcending his authority, as in the case of an over-issue, is not binding on the company. 13 N. Y. 599 ; 17 id. 592.
Descents. A metaphorical expression which designates in the genealogy of a family the person from whom others are descended: those persons who have so descended are called branches. See 1 Roper, on Leg. 103; 2 Belt, Suppl. Ves. Ch. 307; BRANCH ; DE SCENT ; LINE ; STIRPES.