(DOWNLOAD) "Westbury Electronic Corp. v. Anglo-American Totalisator Company" by Supreme Court of New York ~ Book PDF Kindle ePub Free
eBook details
- Title: Westbury Electronic Corp. v. Anglo-American Totalisator Company
- Author : Supreme Court of New York
- Release Date : January 05, 1967
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 71 KB
Description
Order of the Supreme Court, Nassau County, dated February 21, 1967 reversed, with $50 costs and disbursements, and motion for preliminary injunction denied. The order appealed from has enjoined the sale of 40 shares of common stock of the defendant Anglo-American Totalisator Company, Inc., which shares are held by that corporation as pledgee for a certain debt owed to it by one of its shareholders, Joseph G. Lease. The essence of plaintiff's action is that the proposed and advertised public auction sale of these pledged shares will violate its rights and cause it irreparable damage because the advertisement contains the proviso that the sale will be subject to the rights of shareholders under a written agreement restricting the right of transfer of said shares. Plaintiff's interest was derived from an assignment to its assignor, Roosevelt Raceway, Inc., of the same 40 shares, made by Joseph G. Lease after his pledge of the shares to defendant Anglo-American and made specifically subject to that prior lien and to the restrictive stock repurchase agreement. The sole discernible basis upon which the temporary injunction issued was the finding that Anglo-American effected an ""apparent waiver"" of its rights under the restrictive stock repurchase agreement when it took the pledged shares from Lease on the same day that all the Anglo-American stockholders, including Lease, executed the restrictive agreement. This conclusion is urged upon the theory that the pledge to Anglo-American was an incumbrance of the shares within the meaning of the restrictive stock agreement and, since the pledge was made on the same day as that agreement, the provisions of the latter became ineffective. This, however, does not logically follow. In fact, the converse is true. When both agreements were executed on the same day, it seems evident that the parties intended them to be fully effective in all their terms. It is well to note that the restrictive agreement was for the benefit of the present shareholders and primarily against
 "Westbury Electronic Corp. v. Anglo-American Totalisator Company" by Supreme Court of New York ~ Book PDF Kindle ePub Free){kind=link}