Merritt v. Brown
This text of 21 N.J. Eq. 134 (Merritt v. Brown) is published on Counsel Stack Legal Research, covering New Jersey Court of Chancery primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Opinion
The order of the Court of Appeals directed Brown to account to Merritt for the proceeds of twenty-five shares of stock transferred to him. After the transfer, the company issued to Brown sixteen new shares of additional stock, for which Brown never paid, but -became responsible to the company for the amount, being $1600. He afterwards sold the forty-one shares to A. Baiz, the president of the company, for $2500; Baiz, in addition to the $2500, becoming responsible to the company for the price of the sixteen shares. Under this state of facts, the master has rightly concluded that Brown received the $2500 for the twenty-five shares transferred to him by Merritt, and that the assumption of the price of the sixteen shares by Baiz was the price of those shares.
The exceptions must be overruled.
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21 N.J. Eq. 134, Counsel Stack Legal Research, https://law.counselstack.com/opinion/merritt-v-brown-njch-1870.