MILLER v. HOB TEA ROOM


75 A.2d 577 (1950)

MILLER v. HOB TEA ROOM, Inc., et al.

Court of Chancery of Delaware, New Castle.

September 25, 1950.


Attorney(s) appearing for the Case

William E. Taylor, Jr., Wilmington, for plaintiff.

Edwin D. Steel, Jr., and William S. Megonigal, Jr., Wilmington, for defendants.


SEITZ, Vice Chancellor.

By an agreement dated October 5, 1945, plaintiff sold to the defendant Burrows the entire capital stock of the Hob Tea Room, Inc., the second defendant. Burrows agreed to pay $30,000 for this stock; $5,000 was paid when the agreement was signed and the balance was payable in installments, the last of which was to be due on December 31, 1950. The stock was transferred to Burrows but held by an escrow agent to secure the balance of the purchase...

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