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LAHAYE BROS., INC. v. AMERICAN SEC. BANK, VILLE PLATTE, INC.

No. 92-253.

614 So.2d 1381 (1993)

LAHAYE BROTHERS, INC., Plaintiff-Appellee, v. AMERICAN SECURITY BANK OF VILLE PLATTE, INC., Defendant-Appellant.

Court of Appeal of Louisiana, Third Circuit.

March 3, 1993.

Attorney(s) appearing for the Case

J. Jake Fontenot, Mamou, for LaHaye Bros. Inc.

Darryl J. Hebert, Eunice, for American Sec. Bank of Ville Platte.

Before DOMENGEAUX, C.J., and KNOLL and SAUNDERS, JJ.

KNOLL, Judge.

This appeal addresses questions relative to the pledge of 277 shares of stock in LaHaye Brothers, Inc., a closely held, family corporation, which bore a transfer restriction on the face of each certificate. The restrictive language on each certificate of LaHaye Brothers's stock stated:

"Transfer of these shares is restricted first to the families of Elvin LaHaye and Aubrey G. LaHaye in accordance with Article XVI of the Charter, and are transferable...

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