P purchased shares of stock in S Company through the fraud and misrepresentation of his agents in collusion with the agents of the S Company. Upon discovery of the fraud, P tendered back a number of shares equal to the number received by himself and his innocent associates. In the meantime, P had resold part of the shares at a higher price. Held, P must also tender the profit resulting from the resale and subsequent purchase of equivalent shares in a fallen market, together with any dividends paid on stock and interest from date of payment. Marr v. Tumulty, 256 N. Y. 15, 175 N.E. 356 (1931).
CORPORATIONS - RESCISSION OF CONTRACT PROCURED THROUGH FRAUD,
Mich. L. Rev.
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