Sass v. New Yorker Towers, Ltd.

Plaintiff appeals from an order entered September 21, 1964, denying his motion for summary judgment. The cross motion of the defendant for summary judgment was denied also.

Plaintiff-appellant is the owner and holder of two of defendant’s 12% debentures of $5,000 each face value, dated April 1, 1960. The debentures are part of an outstanding bond issue of $500,000 subscribed by the stockholders of defendant, a closed corporation, having a small group of stockholders, and bear a maturity date of April 1, 1964. The record indicates the stockholders, in effect, agreed to loan defendant $500,000,…