Opinion
Gen. No. 41,579. (Abstract of Decision.)
Opinion filed April 23, 1941
SALES, § 208 — stock, liquidated damage clause as restricting seller's remedies. Plaintiff's statement of claim did not show a cause of action and motion to dismiss was properly granted, where it appeared that plaintiff agreed to sell shares of stock to defendant in return for periodical payments, the contract, an employment contract of defendant, and the stock certificate were deposited with an escrowee, and contract provided that in case of default plaintiff was entitled to retain payments made as liquidated damages, because the liquidated damage clause was binding upon plaintiff as his only remedy in case of default.
See Callaghan's Illinois Digest, same topic and section number.
Appeal from Municipal Court of Chicago; Hon. THOMAS A. GREEN, presiding.
Affirmed. Heard in third division, first district, this court at October term, 1940.
William J. Ruttenberg, for appellant;
Irving Goodman, of counsel;
Sid Mogul, for appellee.
"Not to be published in full." Opinion filed April 23, 1941.