Hawley v. Kountze
Appellate Division of the Supreme Court of the State of New York
Appeal by .the defendants, Herman Kountze and others, from an order of the • Supreme Court, made at the Kings County Special Term and entered in the office of the clerk of the county of Kings on the 10tli day of April, 1896, continuing a preliminary injunction during the pendency of the action.
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Appeal by .the defendants, Herman Kountze and others, from an order of the • Supreme Court, made at the Kings County Special Term and entered in the office of the clerk of the county of Kings on the 10tli day of April, 1896, continuing a preliminary injunction during the pendency of the action. The action was brought to restrain the defendants from selling, ■fourteen shares of the stock of the Cataract General Electric Company, which had been pledged to them as collateral security for - a loan of $15,000, and which they proposed to sell in order to repay themselves a-balance alleged to be due…
1Opinion of the Court
Willard Bartlett, J. :
The plaintiff borrowed $15,000 from the defendants, constituting the firm of Iiountze Brothers, and gave them a note therefor, whereby he promised to pay that amount on demand, with interest at six per cent. The payment of this note was secured by the pledge of fourteen shares of the capital stock of the Cataract General Electric Company. At the time the loan was thus made the plaintiff gave to William H. Hollister, one of the defendants, an agreement to sell to him at his option, to be exercised within a specified period, four shares of such stock at $2,000 a share. The…
2Cases cited2 opinions
- Belmont Branch of State Bank of Ohio v. HogeNew York Court of Appeals · 1866
- Mechanics & Traders' National Bank v. CrowNew York Court of Appeals · 1875
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