Court of Chancery of Delaware July 7, 1960 (Kahn v. General Development Corp.)

Seitz, Chancellor:

Plaintiffs are escrow agents under an agreement dated June 5, 1956, between Bellanca (“Bellanca”) and General Development Corporation (“GDC”), hereafter called the “escrow agreement” or “agreement”. The terms of the agreement applied to GDC and its depositing stockholders. Bellanca deposited with the plaintiffs 4,000 shares of its common stock.