Miller v. Associated Gas & Electric Co.

The complaint alleges a provision for repurchase as a part of a contract of sale of securities and the action is brought under such provision for repurchase. This clause is inherently one for rescission; it is not void under the Statute of Frauds (Pers. Prop. Law, § 85). (Johnston v. Trask, 116 N. Y. 136; Fitzpatrick v. Woodruff, 96 id. 561; Wooster v. Sage, 67 id. 67.) The Statute of Frauds is, therefore, not a defense to the cause of action pleaded. Further there is no controversy between the parties as to the provision for repurchase being an integral part of *268the original contract of…