T. F. Pagel Lumber Co. v. Webster

This action is to' recover upon a note given by Theodore F. Pagel, the defendant, to the T. F. Pagel Lumber Company, a concern which he founded and for many years actively managed. In recent years, although Pagel has retained a controlling interest in the stock of the company, its affairs have been managed by other members of his family and particularly by his son, Ray T. Pagel. While he was actively managing the company, Pagel drew heavily upon the *225resources of the company, regarding himself as a sole trader. In 1933 he found it necessary, in order to- satisfy creditors of the company, to…