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ALLEN v. BILTMORE TISSUE CORP.

2 N.Y.2d 534 (1957)

Melvin K. Allen et al., as Executors of and Trustees under the Will of Harry N. Kaplan, Deceased, Respondents, v. Biltmore Tissue Corporation, Appellant.

Court of Appeals of the State of New York.

Decided April 4, 1957.

Attorney(s) appearing for the Case

Albert L. Solodar and Max Wechsler for appellant.

Irvin Waldman for respondents.

CONWAY, Ch. J., DESMOND, DYE, FROESSEL, VAN VOORHIS and BURKE, JJ., concur.

FULD, J.

The by-laws of defendant corporation give it an option to purchase, in case of the death of a stockholder, his shares of the corporate stock. The enforcibility of this option is one of the questions for decision.

Biltmore Tissue Corporation was organized under the Stock Corporation Law in 1932, with an authorized capitalization of 1,000 shares without par value, to manufacture and deal in paper...

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