Allen v. Biltmore Tissue Corp.

Harry NT. Kaplan, the decedent, died on October 25, 1953. In the possession of his executors are three certificates of respondent’s stock issued to the decedent by respondent (1) for 5 shares on January 30, 1933, for $25; (2) for 5 shares on February 13,1936, as a dividend, and (3) for 10 -shares on December 29, 1938, for $100. Respondent refused to issue new certificates to appellants. As a counterclaim to this action to compel its transfer, respondent sought and has been granted specific performance of an alleged option to purchase the stock. It relies on section 30 of its by-laws, adopted…