Day v. MCC Acquisition, LC
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In this interpleader action seeking a judicial resolution of two disputed claims of ownership of proceeds from the sale of unclaimed corporate stock the Supreme Court affirmed the judgment of the circuit court holding that the buyer of the original stock, not the seller, had a super equitable claim of ownership, holding that the circuit court did not err.
MCC Acquisition, LC purchased all of the assets of M.C. Construction, which included Trigon Blue Cross Blue Shield stock. M.C. Construction never delivered the stock certificates, however, because it had never possessed them. Later, the Treasurer sold the stock and filed this interpleader action. The circuit court awarded the proceeds from the sale of the unclaimed corporate stock to MCC Acquisition, finding that MCC Acquisition had obtained equitable title to the Trigon stock. The Supreme Court affirmed, holding that the circuit court (1) correctly awarded the interpleader stock proceeds to MCC Acquisition; and (2) did not err in rejecting the argument that the statute of limitations barred MCC Acquisition's in rem claim.
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