Teacher

In March of 1962 plaintiff purchased from decedent Tenenbaum, a friend of many years, 999 shares of the capital stock of Jewelry Discount Corporation, paying therefor the sum' of $99,000. In September of the same year, for reasons subsequently appearing, plaintiff became dissatisfied with his investment; at that time he had a conversation with decedent, asking the latter to repurchase the stock. According to plaintiff, Tenenbaum agreed to the repurchase for the sum originally paid ($99,000) at such later time as plaintiff should demand payment thereof upon two or three days’ notice, such obligation to be evidenced by decedent's promissory note payable on demand. In this regard, decedent represented to plaintiff that while he could easily raise the sum in question and was completely solvent, he was then short of cash because of large orders previously placed to stock up his jewelry stores for the forthcoming Christmas season. Believing and relying on the above and related representations, plaintiff transferred his stock to Tenenbaum, who took title thereto in the fictitious name of American Jewelry Co., in return for Tenenbaum’s demand note. On or about March 20, 1963, an interest…