Fitzsimmons v. Lindsay

Citations

• 205 Pa. 79
• 54 A. 488
• 1903 Pa. LEXIS 519

Syllabus

<p>Equity — Specific performance — Arbitration—Revocation—Demurrer.</p> <p>On a bill in equity against an administrator to enforce the sale of shares of stock which decedent had agreed should be sold to his fellow shareholders at his death at a value to be ascertained by arbitrators, it is improper to dismiss the bill on demurrer on the ground that the arbitration had been revoked by the administrator, such revocation not having been shown in the bill.</p> <p>Corporations — Stock—Agreement to sell shares to fellow shareholders— Public policy — Restraint on alienation.</p> <p>An agreement among all the stockholders of a private trading corporation that in the event of the death of any one or more of the parties, the remaining stockholders shall have the option to purchase and acquire the stock of the deceased party at its book value, is not illegal, against public policy, or an improper restraint upon alienation.</p> <p>Equity — Specific performance — Agreement to sell stock — Orphan's court.</p> <p>The orphans’ court has exclusive jurisdiction to enforce specifically an agreement by a decedent that his fellow shareholders in a corporation shall have the option to purchase his shares upon his death.</p>