Ward v. Powers

Headnote

Conversion — action to recover for refusal to deliver certificate of stock alleged to he the property of plaintiff and in possession of defendant.

Ward v. Powers, 208 App. Div. 684 , affirmed.

Appeal from a judgment, entered April 16, 1924, upon an order of the Appellate Division of the Supreme Court in the first judicial department reversing a judgment

in favor of plaintiff entered upon a verdict and directed a dismissal of the complaint. The action was to recover damages for the alleged conversion of 312 shares, of the par value of ten dollars each, of the capital stock of the Powers Film Products, Inc., of which defendant was president. The complaint alleged that plaintiff was the owner of the stock which was in the possession of the defendant, who refused to deliver it on demand. The answer put in issue plaintiff’s ownership, defendant’s possession and the alleged conversion. Plaintiff claimed that he was the owner of the stock by reason of a promise made to him by the defendant to the effect that the defendant would transfer to him 312 shares of stock and the corporation would pay him sixty dollars per week, both in consideration for his services for one year, as superintendent of the corporation. Defendant contended that all was to be paid and furnished by the corporation.