Penthouse Properties, Inc. v.

1158 FIFTH AVENUE, INC. 256 A.D. 685 (1939)

Purchase the Printed Copy at bsmsphd.com

Nature of the Case

To access this section all you need to do is click here and register.

Facts

Mrs. Harriss wrote to D stating that she intended to dispose of her stock and leases and that before disposition, she would sell to D at a substantial discount. That offer was refused by D. Mr. Harriss then formed P, and then Mrs. Harris then sold P her 777 shares of stock and all rights in three property leases. D refused to recognize the transfer of stock and refused to accept checks tendered in payment of monthly assessments. D asserted that Mrs. Harriss failed to comply with the restrictions on the sale of the stock referred to in the endorsement on the stock certificate. P and Mrs. Harriss contend that these restrictions are invalid and unenforceable as a restraint on alienation.