The right of the stockholder to have a transfer made on the books is absolute, unless the bank has a lawful claim on the shares, or fraud or estoppel. Lucas v. Coe, 86 Fed. R. 973. But see Kerr v. Urie, 37 Atl. R 789.

2 See 3 Thompson on Corp., sees. 3194, 3198; Lucas v. Coe, 86 Fed. R 972.

3 See also Stedman v. Eveleth, 6 Met. 114; Mauser v. Pratt, 101 Mass. 60; Sayles v. Bates, 15 R L 342, as to state statutes.

4 Richmond v. Irons, 121 U. S. 27; Parker v. Robinson, 71 Fed. R 256, 33 U. S. App. 868; Irons v. Manuf.

Nat Bank, 21 Fed. R 197; Wick-ham v. Hull, 60 Fed. R 326.

5 Davis v. Weed, Fed. Cas. No. 365a unless the law forbids the transfer, or unless the parties have by agreement made the stock not transferable.1 The bank may have an opportunity to satisfy itself of the genuineness of the transfer and of the capacity of the parties.2 The bank is liable for permitting a transfer upon a forged power of attorney or upon one executed by a person not having the capacity, if the bank has notice of the want of capacity.3 The usual mode of transfer is by indorsement of the certificate by signing the power of attorney usually printed on the back of the certificate. The usual practice recognized as valid is to sign in blank, and the transferee fills in the power of attorney.4 The transfer is complete when made on the books whether a certificate be issued or not.5 If the articles of agreement permit a transfer and no legal prohibition thereof exists, the bank cannot require its own claim to be paid as preliminary to a transfer.6 If a transfer be enjoined by a proper court the bank cannot permit it.7 The national banks are not governed by the laws of the state as to transfers.8

6 Blackmore v. Woodward, 71 Fed. R 321, 18 C. C. A 57; Witters v. Sowles, 32 Fed. R 130. Where the executor failed to make a transfer to himself he was held liable as executor. Baker v. Beach, 85 Fed. R. 836.

7 Witters v. Sowles, supra.

8 Witters v. Sowles, supra.

9 Mansur v. Pratt, 101 Mass. 60.