Merritt-Chapman & Scott Corp. v. New York Trust Co.

Since this is a complicated agreement where diverse contentions are possible and since my views are not to prevail, I shall only indicate them without extensive development. What chiefly persuades me to the contrary conclusion is that the definite time provision of sixty days for exchanging warrants, “in case the corporation shall pay any stock dividend,” of sec. 10, Art. Ill, is now left without rational purpose or function. I expect, however, that this is one of those cases sufficiently disputable so that the approach one initially makes to the problem actually points the way to the final…