The issue as to whether Spanakos was the owner of twenty-five or fifty shares of the stock would seem properly referable under the present circumstances. It would seem to depend inter alia on whether the alteration in the note was fraudulent so as to wipe out the underlying debt and whether Spanakos had obtained title to the pledged stock by legal means. That the corporation issued a new certificate based on a belief that Spanakos had title to the shares would not...
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