Friday, November 22, 2013

Ling and Co. v. Trinity Sav. And Loan Ass’n case brief

Ling and Co. v. Trinity Sav. And Loan Ass’n case brief summary
482 S.W.2d 841 (1972)


CASE SYNOPSIS
Petitioner appealed from a judgment of the Dallas County Tenth District Court (Texas) ordering certain shares of petitioner's stock sold to satisfy a debt owed to respondent by the stockholder.

CASE FACTS
Respondent loaned money to a person who pledged shares of stock in petitioner to secure the note. When respondent sued on the note, petitioner was made a party because of its insistence that the transfer of its stock was subject to restrictions that were unfulfilled. The trial court entered summary judgment in favor of respondent, foreclosing the security interest in the stock and ordering it sold. The court of civil appeals affirmed.

DISCUSSION
The supreme court of Texas reversed and remanded because the restrictions on the sale of the stock were not unreasonable.

CONCLUSION
The Supreme Court of Texas reversed and remanded because the restrictions on the sale of the stock were not unreasonable.


Recommended Supplements for Corporations and Business Associations Law

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