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TWINLOCK, INC. v. CONTINENTAL THRIFT

167 A.2d 735 (1961)

TWINLOCK, INC., a corporation of the State of Delaware, Appellant, v. CONTINENTAL THRIFT, a corporation of the State of California, Appellee.

Supreme Court of Delaware.

February 7, 1961.

Attorney(s) appearing for the Case

Ernest S. Wilson, Jr., of Morford, Young & Conaway, Wilmington, for appellant.

Louis J. Finger of Richards, Layton & Finger, Wilmington, for appellee.

SOUTHERLAND, C. J., and WOLCOTT and BRAMHALL, JJ., sitting.

SOUTHERLAND, Chief Justice.

Continental Thrift, a banking corporation of the State of California, filed suit to compel Twinlock, Inc., a Delaware corporation, to issue to it a certificate evidencing Continental's ownership of 32,000 shares of Twinlock's stock. These shares had been pledged with Continental by James G. Fuller in October 1957 as security for a loan to him of $41,000 by Continental. In August 1958 Continental acquired the stock by foreclosure of the...

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