Rafe v. Hindin

• Decision Date: 11 December 1968
• Citation: Rafe v. Hindin, 296 N.Y.S.2d 955, 23 N.Y.2d 759, 244 N.E.2d 469 (N.Y. 1968)
• Parties: , 244 N.E.2d 469 William J. RAFE, Respondent, v. Seymour HINDIN, et al., Appellants.
• Court: New York Court of Appeals Court of Appeals

Page 955

296 N.Y.S.2d 955

23 N.Y.2d 759, 244 N.E.2d 469

William J. RAFE, Respondent, v.Seymour HINDIN, et al., Appellants.

Court of Appeals of New York.

Dec. 11, 1968.

Appeal from Supreme Court, Appellate Division, Second Department, 29 A.D.2d 481, 288 N.Y.S.2d 662.

Albert Boyar, Massapequa (Bernard Meyerson, Brooklyn, on the brief), for plaintiff-respondent.

Plaintiff brought action against individual defendant and corporate defendant for declaratory judgment.The plaintiff and the individual defendant had organized the corporate defendant for purpose of purchasing and developing a parcel of realty.The plaintiff and individual defendant each owned one certificate for 50% Of the outstanding stock.There was a legend on each certificate, signed by the parties, which made it non-transferable except to the other, and written permission from the other was required to transfer the stock to a third party on the books of the corporate defendant.The plaintiff found a prospective purchaser for his stock.The plaintiff then brought the action to have the legend on the certificate declared void.The defendants sought a judgment by their counterclaim declaring that there was a restriction against the sale or transfer of plaintiff's stock to a third party without the individual's written consent or, in the alternative, that the corporation be dissolved.

The Supreme Court, Special Term, Nassau County, L. Kingsley Smith, J., entered an order denying the motion of the plaintiff for summary judgment, and the plaintiff appealed.

The Appellate Divis...