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BHAGAT v. BHAGAT

A-31 September Term 2011, 068213

84 A.3d 583 (2014)

217 N.J. 22

Amratlal C. BHAGAT, Individually and as Shareholder of ABB Properties Corporation, a New Jersey Corporation and as a Shareholder of Easterner Motor Inn, Inc., a New Jersey Corporation, Plaintiff-Appellant, v. Bharat A. BHAGAT and Cranbury Hotels, LLC, a New Jersey Limited Liability Company, Defendants-Respondents.

Supreme Court of New Jersey.

Decided January 30, 2014.

Attorney(s) appearing for the Case

Joseph B. Fiorenzo argued the cause for appellant (Sokol, Behot & Fiorenzo, attorneys; Mr. Fiorenzo and Steven N. Siegel, Hackensack, on the briefs).

Jonathan I. Epstein argued the cause for respondents (Drinker Biddle & Reath, attorneys; Mr. Epstein and Karen A. Denys, Princeton, on the brief).

Judge CUFF (temporarily assigned) delivered the opinion of the Court.

This appeal arises from the purported transfer of stock in a closely held corporation between a father and son. Both parties concede that when a father transfers stock to a son, a presumption of a gift arises. The issue is whether the father adduced sufficient evidence to rebut that presumption in the context of cross-motions for summary judgment. That issue implicates the applicable standard of...

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