Levey v. Saphies

In Levey v. Saphies, 54 AD2d 959, 388 N.Y.S.2d 644 (2nd Dept. 1976), app den., 41 N.Y.2d 805 (1977), the Second Department upheld a restriction that afforded the defendant the option to purchase plaintiffs stock at the price it was purchased at for ten years and in fact entirely prohibited the plaintiffs from selling, pledging, hypothecating or disposing of it for that time period thereby reserving the stock for the defendants' option. The plaintiff in Levey v. Saphier could not even force a purchase by the defendant.