Blair v. Richmond Levering & Co.

Headnote

Contract — stocks and stockholders — call or option on stock — action to recover for refusal to deliver stock in accordance with terms of call — defenses of failure of consideration, failure to exercise within reasonable time and Statute of Frauds.

Blair v. Levering & Co., Inc., 208 App. Div. 726 , affirmed.

Appeal, by permission, from a judgment of the Appellate Division of the Supreme Court in the first judicial department, entered January 28, 1924, unanimously affirming a judgment in favor of the defendant entered upon a dismissal of the complaint by the court at a Trial Term, a jury having been waived. The complaint alleged that the defendant, a New York corporation, on the 15th day of February, 1917, under its seal, made, executed and delivered to the plaintiffs, a copartnership, a call or option on 2,000 shares of common stock of the Metropolitan Petroleum Corporation at two dollars per share; that subsequently plaintiffs tendered to defendant the sum of $4,000, and demanded the stock or its equivalent, which was refused, and that by reason thereof plaintiffs suffered damage. The answer contained a general denial and alleged that the call was obtained without consideration and was not exercised within a reasonable time, and also pleaded the Statute of Frauds.