East River Bottom Water Co. v. Boyce

I dissent.

Plaintiff contends the court erred in finding (1) that there was not an over-issue of stock in the plaintiff corporation by this duplicate issue, (2) that consideration was given for these duplicate issues by the surrender of certificate number 7, and (3) in finding that the duplicate issue of stock was valid and represented a proportionate share of water in the plaintiff corporation.

It is plaintiff’s first contention that these seven shares in controversy are absolutely void because plaintiff had no treasury stock from which these shares could lawfully be issued and, hence, the…