Galibert v. J. C. Hoffman, Inc.

Plaintiff sues for specific performance of an agreement by defendant to purchase stock of a corporation owned by plaintiff. The bulk of this stock had been purchased from defendant by plaintiff and was pledged with defendant to secure plaintiff’s collateral note in payment therefor. The agreement or option to purchase was executed by defendant in June, 1920, and provided that defendant agreed to purchase the stock within six months from date. Within the period of six months plaintiff tendered the stock and defendant refused to complete the purchase. The contention of defendant is that the…