Schmitt v. Nevins

Appeal from a judgment of the Appellate Division of the Supreme Court in the fourth judicial department, entered December 1, 1914, affirming a judgment in favor of plaintiff entered upon a verdict directed by the court. The action is based on a written agreement between Fred 0. Mayer, Jr., and defendant, dated March 4, 1909. Defendant at that time owned ten shares of stock in a corporation which Mayer desired to huy and did buy at par. At the time of the sale the parties agreed that if Mayer ceased for any reason to he employed by said corporation, by which he was then employed, within five years thereafter, he would, “ upon his retirement from the employ of said company,” sell back to defendant the • stock at the price paid, with interest at six per cent, less the amount of .any dividends paid. Defendant agreed to purchase the stock from him on these terms. Mr. Mayer died on May 21, 1911, leaving a will in which his wife was named as executrix, and, after she had qualified as such, she brought this action, first offering to defendant the ten shares of stock for the price named in the agreement. Mr. Mayer was in the employ of said corporation when the agreement was made and he continued in its employ until his death. The defendant denied that he was obligated, under the terms of the contract, to purchase said stock.