Court Opinion

ID: 9750943
Source: CourtListenerOpinion
Date Created: 2023-08-28 15:50:48.525531+00
Date Added: 2024-06-11T07:26:29.546520
License: Public Domain

Alcorn, J.
(concurring in the result). I concur in the result reached, but I do not think that the agreement in issue should be treated as a stock subscription agreement. 4 Fletcher, Corporations (Perm. Ed.) § 1365. I am further of the opinion that the result should be based on the circumstance that there was no evidence offered of an agreement, enforceable under the Statute of Frauds, by virtue *247of which the plaintiff could acquire the stock which, under the terms of the agreement in issue here, he undertook to sell to the defendants. General Statutes § 52-551 ;1 DeNunzio v. DeNunzio, 90 Conn. 342, 345, 97 A. 323.
The trial court found that the corporation and the McPikes “acknowledged” that the plaintiff was entitled to have 200 shares of stock issued to him and that they were ready and willing to issue the stock or cause it to be issued. The form of this acknowledgment does not appear. The trial court also found that, although Lockwood several times asked the McPikes to come to his office to sign the certificates as officers of the corporation, they did not do so and that the plaintiff has never received the shares. The trial court then concluded that the failure of the McPikes to issue the stock or to cause it to be issued was a breach of the contract on which the plaintiff seeks to recover in the present action. In the contract sued on, however, the only reference to the plaintiff’s ownership or acquisition of the stock is in one of the preambles which recites that the plaintiff “is, or will be, the owner.” There is, in that contract, no undertaking by the McPikes to have the stock transferred to the plaintiff. Another preamble recites that the McPikes themselves own none of the stock of the corporation. Quite obviously, there were other dealings between the parties. The trial court has found that the plaintiff told his attorney that he had decided to advance $20,000 to Martin J. MePike and instructed the attorney “to proceed with the necessary legal papers and de*248tails.” Whether the attorney carried out those instructions in a manner sufficient to furnish the plaintiff a basis for relief against the McPikes when they failed to sign the certificates nowhere appears. The corporation is not a party to the contract sued on, and the trial court has found that, when that contract was made, and thereafter, the plaintiff had no commitment, in writing or otherwise, from the corporation. On this record, therefore, the plaintiff should not recover for the reason that he failed to show that he was able to perform his part of the agreement in issue.

 The statute was repealed by Public Acts 1959, No. 133 § 10-102, effective, as stated in § 10-101, on October 1, 1961, which was subsequent to this transaction. See Uniform Commercial Code §§ 42a-l-206, 42a-8-319, 42a-10-102(l).