Highlights for Children, Inc. v. Crown

Seitz, Chancellor:

Plaintiff corporation seeks a determination under our Declaratory Judgment Act as to whether certain shares of its stock registered in defendant’s name were validly issued. The certificates evidencing such shares are admittedly held by plaintiff at the present time as security for an obligation. Plaintiff asks that the shares of stock be cancelled of record and that plaintiff be directed to make appropriate book entries to that effect. The defendant has moved to dismiss in this court for lack of equity jurisdiction of the subject matter, and this is the decision thereon.

Defen…