Kaufman v. Investors Syndicate

Motions granted. The answer of the defendant is stricken out and summary judgment is awarded the plaintiff for the amount prayed for in the complaint. Let the clerk enter judgment accordingly. The basis of this application is that the defendant was engaged in the business of an investment company in the State of New York without having obtained a license from the Superintendent of Banks. The point is advisedly proposed.

Section 302 of the Banking Law provides that any foreign corporation selling or offering for sale in this State any accumulative investment certificates upon installment…