Continental Thrift v. Twinlock, Inc.

Seitz, Chancellor:

Plaintiff corporation seeks to compel the defendant corporation (“defendant”), a Delaware corporation, to record on its books a transfer to plaintiff of 32,000 shares of defendant’s Class B stock and to issue to plaintiff a certificate evidencing such ownership. Plaintiff’s action is based upon the fact that it took the shares as collateral for a loan to the registered owner, one Fuller, and upon his default purchased them at a foreclosure sale.

The defendant caused the shares to be cancelled on its books after the foreclosure but prior to plaintiff’s demand for transfer. It…