Economy Powder Co. v. Boyer
Economy Powder Co. v. Boyer
Opinion of the Court
Opinion by
March 28, 19.10:
The Economy Powder Company issued its capital stock at $10.00 per share. The defendant, who was a director of the company, and some time its president, is the holder of 500 shares. If he acquired all this stock from the company, he is indebted to the company on this account in the sum of $2,500; since all he claims to have paid the company on account of stock is $2,500. The plaintiff, assignee for the benefit of creditors, charges that the whole of the 500 shares was company stock, and this action was brought to collect from the defendant the difference, which the assignee claims as the balance due on account of the stock purchase. In answer to this demand, the defendant says that he acquired only 200 shares of the stock from the company, and that the remaining 300 shares of his holdings were assigned to him by the promoters of the company to whom it had been allotted in the original organization. This presents the only question of fact there was in the case. The several questions of law so elaborately discussed on this appeal are without relevancy. No question of estoppel arises; nor is it material whether others were induced to become purchasers of stock by the defendant’s representation as to what he had paid for his
■ The assignments of error are overruled, and the judgment is affirmed.
Case-law data current through December 31, 2025. Source: CourtListener bulk data.