Tech Resources, Inc. v. Estate of Hubbard

Clarke, Justice.-

Hubbard, Jackson and Kanter (sellers) were the owners of all of the shares of three corporations engaged in the coal business. The sellers entered into contracts with Tech Resources, Inc., under which they agreed to sell all of the shares of the three corporations to Tech Resources, and Tech Resources agreed to assume certain financial obligations of the corporations. In order to secure the performance of the financial obligations, Tech Resources pledged all of the shares of capital stock of each of the three corporations to sellers. The stock pledge agreements contained…