CLAUDE NEON, INC. v. BIRRELL


177 F.Supp. 706 (1959)

Matter of Supplementary Proceedings CLAUDE NEON, INC. (now Dynamics Corporation of America), Judgment Creditor, v. Lowell M. BIRRELL, Judgment Debtor.

United States District Court S. D. New York.

October 5, 1959.


Attorney(s) appearing for the Case

Pomerantz, Levy & Haudek, New York City, Irving Bizar, New York City, of counsel, for judgment creditor Claude Neon, Inc. (now Dynamics Corporation of America).

Levien & Singer, New York City, Stuart H. Steinbrink, and Walter A. Bobrow, New York City, of counsel, for Levien, Greenwald & Co.


HERLANDS, District Judge.

Unless the United States Marshal levying by execution on a judgment-debtor's property obtains physical possession of the debtor's corporate stock certificate, the levy is ineffective as against a bona fide purchaser for value of the certificate to whom the duly endorsed certificate has been regularly delivered in the normal course of business. Under the stated circumstances, the levy does not invalidate the purchaser's title notwithstanding...

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