Ling & Company, Inc., Petitioner, v. Trinity Savings And Loan Association, Respondent, 482 S.W.2d 841

Summary

Respondent loaned money to a person who pledged shares of stock in petitioner to secure the note. When respondent sued on the note, petitioner was made a party because of its insistence that the transfer of its stock was subject to restrictions that were unfulfilled. The trial court entered summary judgment in favor of respondent, foreclosing the security interest in the stock and ordering it sold. The court of civil appeals affirmed. The supreme court of Texas reversed and remanded because the restrictions on the sale of the stock were not unreasonable.