Herkner v. Rubin

THE COURT.

This is an action to recover the sum of $3,000 upon an agreement for the purchase of certain preferred capital stock of Lubin Inc., a corporation.

The corporation became insolvent, and certain of its creditors procured judgment against it, upon which executions issued. These were returned wholly unsatisfied, and the claims were subsequently assigned to plaintiff, who is also a judgment creditor.

The subscription agreement reads as follows:

“March 24, 1926.

“I agree to take $3,000 worth of pref. stock paying 6 per cent dividend in the J. Lubin Stores Inc., as explained by J. Lubin. It is…