Levy v. Kannofsky

Citations

• 263 Pa. 361
• 106 A. 538
• 1919 Pa. LEXIS 433

Syllabus

<p>Equity — Contract—Breach—Purchase of stock — Action of law.</p> <p>One who purchases the majority of the capital stock of a corporation with knowledge that the corporation was indebted to seller in a certain amount, has no standing to maintain a bill in equity against the seller to have cancelled a judgment note given by the corporation to him and to require the seller to return to the corporation a certain cash payment given in satisfaction of such indebtedness, especially where the corporation was not made a party to the suit and the matters in dispute related wholly to the contract of sale and purchase of the stock. In such a ease an action at law for damages affords a proper relief for any breach of the contract. -</p>