Kurzman v. Steir

The plaintiff, Kurzman, brought an action in the Superior Court alleging that the defendant, Steir, had been unjustly enriched at his expense by the manner in which the First National State Bank of New Jersey (Bank) had exercised its rights with respect to shares of stock in SC A Services, Inc. (SCA). Kurzman, Steir, and one Thomas Viola had each pledged their stock as security for the Bank’s loan to one Christopher Recklitis who subsequently defaulted on his obligation. Although Kurzman had pledged a greater number of shares than Steir, Steir’s shares were sufficent to *471satisfy the loan…