Central Trust Co. v. Eastman Development Corp.

Order unanimously affirmed, with costs. Memorandum: Pursuant to the exercise of a valid stock subscription option in February, 1962 decedent received a 25% interest in defendant corporation. Although decedent never tendered payment for the stock and defendant did not issue such stock, decedent’s interest in the corporation was acknowledged by defendant and his name was carried on the company records. Following decedent’s death in 1966 the annual financial reports of the company up through and including 1972 were sent to plaintiffs as decedent’s successors in interest. After plaintiffs…