John M. Brennan, Appellant v. National Equitable Investment Co., Inc., Respondent

Summary

The New York Court of Appeals affirmed the lower court's judgment, holding that the plaintiff's acceptance and retention of dividend payments after asserting a rescission of his stock purchase constituted a waiver of the rescission and ratified the contract. The court reasoned that such conduct demonstrates an abandonment of the rescission and therefore bars recovery of the purchase price.