Louis M. Simpson, Respondents v. the Jersey City Contracting Company, Appellant

Summary

The Court affirmed the Appellate Division's order allowing a levy of attachment on the interest of a non‑resident owner in foreign corporation stock when the certificates were in the possession of a resident pledgee, holding that such interest is a property right within the state subject to attachment under § 649, subdivision 3. The Court reasoned that the pledged certificates constitute property and that the pledgee's right to the surplus proceeds is attachable. A dissent argued that the certificates are merely evidence of foreign stock and not subject to attachment.