Baker v. Mutual Loan & Investment Co.

Eishburne, Justice.

The respondent, Frank B. Gary, Jr., as receiver of Mutual Loan and Investment Company, an insolvent corporation, instituted separate actions for the benefit of creditors and stockholders of the defendant company, to recover unpaid stock subscriptions in the amount of $400.00 from the appellant, J. P. Coates, and in the sum of $1,000.00 from the appellant, L. A. Cotter.

Appellants (defendants below) answered and denied the material allegations of the complaint and thereafter by agreement the actions were consolidated and referred to the master. He heard the testimony offered…