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Torres v. Speiser

Supreme Court of New York, Appellate Division
701 N.Y.S.2d 360 (2000)


Facts

Torres (plaintiff), a stockholder in a corporation, sold his shares to Speiser (defendant), another shareholder. Speiser agreed to help Torres establish another business, and promised to establish a corporation that would own that business, the stock of which was to be divided between Torres and Speiser. Torres then claimed that the sale was invalid because the stock price was less than its par value, and that the defect could not be cured by Speiser’s promises for future consideration. Torres moved for partial summary judgment. The lower court denied the motion.

Rule of Law

Issue

Holding and Reasoning (Memorandum decision)

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