Opinion ID: 1474119
Heading Depth: 1
Heading Rank: 2

Heading: The Status of the Claims.

Text: Brown agreed to assign portions of the challenged shares to Alexander and Van Wert if, as, and when such shares had been issued and delivered to him under the terms of the contract of March 15, 1930. Hence, Alexander and Van Wert's rights to such assignments were conditioned by the provisions of paragraph 11 of the contract of March 15, 1930. Brown failed to sell sufficient preferred stock by August 31, 1930, to provide funds for the reimbursement of Phillips for the advances made by it. As a result, the challenged shares were not delivered to Brown, and Alexander and Van Wert did not become entitled to the delivery thereof under their assignment contracts. On August 28, 1930, with full knowledge of the terms and provisions of the contract of August 27, 1930, Alexander and Van Wert in writing expressly consented thereto and to the deposit of the challenged shares in the Bank to be disposed of under the terms and provisions of that contract, and agreed that their right to receive any portion thereof should arise only in the event Brown eventually received the challenged shares or some portion thereof. Brown, having failed to make payment to Phillips of the $365,000, or any part thereof, with interest, under the contract of August 27, 1930, never became entitled to the delivery of any part of the challenged shares. Since the rights of Alexander and Van Wert to have a portion thereof assigned to them were to arise only if, as, and when the challenged shares had been issued and delivered to Brown, pursuant to the contracts of March 15, 1930, and August 27, 1930, it may be doubted that their right to assignments of a portion thereof ever ripened.