Merchants Loan & Trust Co. v. Ummach

Mr. Presiding Justice Thomson

delivered the opinion of the court.

At the time of his death, one John Schaaf was the owner of 244 shares of the capital stock of the Edwards Manufacturing Company. The balance of the capital stock in that company, being 256 shares, was owned by William S. Edwards. At the time of Schaaf’s death, the company owed him $49,642.36, that indebtedness being evidenced by certain promissory notes of the company, which he held. It was apparently the desire of the company to extend the payment of the indebtedness represented by these notes for a considerable time, and it…