Involuntary Sale of Stock by Judicial Process In Pennsylvania
The Shareholders of a Family-Held Corporation Under Agreement Could Sell Stock by Judicial Process as the Agreement Did Not Impose Such a Restriction:
Rouse & Associates v. Delp, 442 Pa. Super. 226, 658 A.2d 1383, 1384 (Pa. Super. 1995), involved a family-held corporation, this Court strictly construed an agreement by which the shareholders agreed not to "'sell, transfer, give, pledge, assign or in any manner encumber or alienate any of the stock' without first offering it to the corporation or to the other stockholders." 658 A.2d at 1384.
The Court declined to infer a restriction on the involuntary sale of stock by judicial process because the agreement did not expressly impose such a restriction. 658 A.2d at 1385.