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What is Court Ruling on Stock Certificate Rescission about?

The Supreme Court ruled in favor of Vertex Sales and Trading, Inc. in its case against Fil-Estate Golf and Development, Inc. and Fil-Estate Land, Inc. The Court held that physical delivery of a stock certificate is essential for transferring ownership of shares. As there was a delay of over 3 years in delivering the stock certificate to Vertex after it had paid in full, this constituted a substantial breach warranting rescission of the sale based on Article 1191 of the Civil Code. The Court ordered mutual r

Author

Sarah C.

Language

EN