Fosdick v. Investors Syndicate, Inc.

The plaintiff is the holder of “ accumulative installment certificates ” issued by the defendant, a foreign corporation. By each of these instruments the defendant certified that, in consideration of the payment of specified sums at fixed times for ten years, it would, at the expiration of that period, pay a stated amount to the recorded owner. This action is brought to recover moneys received, by the defendant in accordance with the terms of the certificates.

Upon sufficient evidence, the courts below have found: “ That the defendant was an investment company in this State; that within the…