Walsh v. Somerset Group, Inc.

Judgment unanimously reversed, without costs, and motion denied. Memorandum: Plaintiffs purchased from defendant corporation 10,000 shares of stock in two lots, at a price of $1 per share. A stock certificate was issued for the first lot of 4,000 shares but none was issued for the second lot of 6,000 shares, although both were paid for. Defendant appeals from an award of summary judgment to plaintiffs in the amount of $6,000 which permitted rescission of the second purchase because of the corporation’s failure to issue a stock certificate for the shares bought. The judgment must be reversed.…