For Your Data Torres V. Speiser Illustration Briefc
February 29, 2016
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Torres v. Speiser case brief summary
701 N.Y.S.2d 360 (2000)
CASE FACTS
There was no merit to the minority stockholder seller's declaration that the sale of his stock was invalid under N.Y. Bus. Corp. Law § 504 because the cost of the stock was less than its par value, too such defect could non move cured past times the stock purchaser's promises of hereafter consideration.
DISCUSSION
The courtroom affirmed the trial court's denial of the minority stockholder seller's displace for partial summary judgment amongst honor to his claim that the sale of his minority involvement inwards the corporation to the stock purchaser was invalid.
Recommended Supplements for Corporations too Business Associations Law
701 N.Y.S.2d 360 (2000)
CASE SYNOPSIS
Plaintiff minority stockholder seller challenged the lodge of the Supreme Court, Bronx County (New York), which denied his displace for partial summary judgment amongst honor to his claim that the sale of his minority involvement inwards accused corporation to accused stock purchaser was invalid.CASE FACTS
There was no merit to the minority stockholder seller's declaration that the sale of his stock was invalid under N.Y. Bus. Corp. Law § 504 because the cost of the stock was less than its par value, too such defect could non move cured past times the stock purchaser's promises of hereafter consideration.
DISCUSSION
- The courtroom affirmed the trial court's denial of the minority stockholder seller's summary judgment motion.
- Although § 504 prohibited an initial issuance of stock inwards a novel corporation for less than par value or earlier the total buy cost was paid, it had no bearing on the re-sale of issued shares amid shareholders, which occurred inwards the minute action.
- Summary judgment could non move granted to the minority stockholder seller on the dry soil that the stock purchaser's promises to aid him inwards establishing a banking concern fit cashing trouble concern that he was to instruct by too to institute a corporation to ain the business, were cloth damage of his understanding to retransfer his stock that were too then indefinite every bit non to move susceptible to enforcement, too that the transaction, thus, was cypher to a greater extent than than an unenforceable understanding to agree.
- There were issues of fact every bit to partial functioning of the purported agreement.
The courtroom affirmed the trial court's denial of the minority stockholder seller's displace for partial summary judgment amongst honor to his claim that the sale of his minority involvement inwards the corporation to the stock purchaser was invalid.
Recommended Supplements for Corporations too Business Associations Law