Eustis v. Park-O-Lator Corp.

The defendant Park-O-Lator Corporation was formed to exploit a conveyor system for vehicle parking invented by the defendant Abe Zaha. The plaintiff Enstis paid $4,000 for 50 shares of stock in the defendant corporation; the plaintiffs Slavich did likewise. Ensti-s, in addition, advanced the corporation $1,100 and the Slaviches advanced $350. Corporate notes were delivered to plaintiffs evidencing the debts created by the making of these advances. The individual parties entered into agreements providing that the corporation would deliver notes for $4,000 each to plaintiffs and that the Zahas,…