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eBook details

• Title: Greva v. Rainey
• Author : Supreme Court Of California In Bank
• Release Date : January 31, 1935
• Genre: Law,Books,Professional & Technical,
• Pages : * pages
• Size : 59 KB

Description

THOMPSON, J. The plaintiff commenced this action against the trustees of a voting trust of shares of the capital stock of the San Francisco Bank to compel the restoration of lost trust certificates of which plaintiff, as assignee, claims ownership and the execution by the trustees of certificates in place of those lost, and the transfer to plaintiff by the trustees of all the right, title and interest of the intervener, Olga Waizman, who was originally named a party defendant. On September 12, 1930, Olga Waizman had been induced by one Simons to exchange two trust certificates representing two shares of stock in the bank mentioned, and of the value of over $25,000, for 3,000 shares of stock in the Security Petroleum and Royalty Corp., Ltd. When she sought the certificates for the purpose of making the assignment they could not be found. This action was commenced. When Miss Waizman was served with process, she telephoned Simons, who took her to his counsel, who explained the action to her and then sent her to an attorney whom he recommended. This attorney, after talking with Miss Waizman and with plaintiffs attorney, filed a disclaimer of Miss Waizmans interest, on November 24, 1931. The complaint had been filed November 8th. On December 1, 1931, Miss Waizman was adjudged incompetent by an order of the superior court and Frank Waizman was appointed guardian of her estate and person. The latter, on December 14th, served notice of rescission of the agreement of exchange and offered to restore the oil stock, and also very shortly thereafter (December 22d) filed a notice of a motion to vacate, set aside and strike out the disclaimer and permit him to file, on behalf of his ward, an answer and cross-complaint. Before the motion could be heard, plaintiff dismissed as against Olga Waizman. The guardian by this maneuver, was compelled to take another course, which he did by securing an order to file a complaint in intervention, in which it was alleged that the purported exchange agreement was null and void because of the incapacity of Olga Waizman, the inadequacy of the consideration, and because of the fraudulent representations practiced

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