Graetz v. Smith

Appellate Terms of the Supreme Court of New York

Graetz v. Smith

125 Misc. 836, 211 N.Y.S. 577

CourtAppellate Terms of the Supreme Court of New York

DecidedOctober 15, 1924

StatusPublished

This text of 125 Misc. 836 (Graetz v. Smith) is published on Counsel Stack Legal Research, covering Appellate Terms of the Supreme Court of New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Graetz v. Smith, 125 Misc. 836, 211 N.Y.S. 577 (N.Y. Ct. App. 1924).

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Opinion

Per Curiam:

Judgment unanimously reversed upon the law and new trial granted, with thirty dollars costs to appellant to abide the event.

Plaintiff’s proof established that the purchase of the stock was induced by the false statement of the defendant. Upon the argument of the appeal, respondent’s counsel conceded that a prima jade case of fraud was established, though in his brief, submitted later, he maintained the contrary. Plaintiff did not seek rescission. She kept her stock and sought to recover her damages. This she had the right to do. (Turner Lumber Co. v. Lacey, 199 App. Div. 534, 536.) Her damages would be the difference between the value of that with which she parted and the value of that which she received. (Reno v. Bull, 226 N. Y. 546, 553.) The proof showed how much plaintiff had paid for the stock. It also showed the value of all the assets of the corporation and also that it had debts amounting to a considerable sum. Upon this proof a finding would have been warranted that the stock which plaintiff bought was of less value than the sum she had paid for it. The statement of the defendant as to the value of the corporate assets was proper proof of their value.

Present: Cropsey, Lazansky and MacCrate, JJ.

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Per Curiam:

Judgment unanimously reversed upon the law and new trial granted, with thirty dollars costs to appellant to abide the event.

Plaintiff’s proof established that the purchase of the stock was induced by the false statement of the defendant. Upon the argument of the appeal, respondent’s counsel conceded that a prima jade case of fraud was established, though in his brief, submitted later, he maintained the contrary. Plaintiff did not seek rescission. She kept her stock and sought to recover her damages. This she had the right to do. (Turner Lumber Co. v. Lacey, 199 App. Div. 534, 536.) Her damages would be the difference between the value of that with which she parted and the value of that which she received. (Reno v. Bull, 226 N. Y. 546, 553.) The proof showed how much plaintiff had paid for the stock. It also showed the value of all the assets of the corporation and also that it had debts amounting to a considerable sum. Upon this proof a finding would have been warranted that the stock which plaintiff bought was of less value than the sum she had paid for it. The statement of the defendant as to the value of the corporate assets was proper proof of their value.

Present: Cropsey, Lazansky and MacCrate, JJ.

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Bluebook (online)

125 Misc. 836, 211 N.Y.S. 577, Counsel Stack Legal Research, https://law.counselstack.com/opinion/graetz-v-smith-nyappterm-1924.

Opinion

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