24 Del. Ch. 250 | New York Court of Chancery | 1939
An opinion was filed in this case on July 29th, 1939, (ante p. 152, 8 A. 2d 162), but no decree has been signed, and it is again before this court on the petition of Francis I. duPont & Co., for a re-argument on some of the issues involved. Most of the material facts appear in the opinion previously filed, but the solicitors for the defendants, the real contending parties, have subsequently agreed by a stipulation filed that since September 27th, 1935, the dividends declared by the complainant company on the 200 shares of common stock in controversy, and retained by that company awaiting the determination of this action, amount to $4050.00. The petitioner does not question the correctness of the general principles laid down in the opinion of July 29th, but contends that, in some particulars, they were not correctly applied to the facts. In one respect, this seems to be true. Laird & Company advanced $24,000 on the stock certificates of the complainant company delivered to it by Walls & Co., but when that stock was sold on the New York Stock Exchange, and on the delivery by Laird & Company of othér certificates representing a like amount of the same stock, it received $25,214.23, or $1214.23 more than the advance previously made. On the morning of September 27th, 1935, before the transaction with Walls & Co. took place, the books of Laird & Company showed a balance due Walls & Co. of $5977.35. At the close of business on that day that balance was reduced to $5727.35,
The prior decision of this court on July 29th, 1939, as to the rights of Laird & Company to the stock in question and to the accrued and unpaid dividends thereon, is, therefore, modified to this extent.
Francis I. duPont & Co., the petitioner, further contends that when Laird & Company advanced the $24,000 to Walls & Co., on September 27th, 1935, that company must necessarily have taken into consideration the alleged general credit balance of $5977.35 in favor of Walls & Co., then appearing on the Laird & Company books; but the evidence clearly shows that the advance was wholly madé on the 200 shares of duPont common stock endorsed in street form, then delivered by Walls & Co. to Laird & Company, and that the credit balance in question appearing on the books had no bearing, whatever, on that transaction.
A decree will be entered in accordance with this opinion.