Campbell v. Rukamp

Defendant Rukamp, as promoter, proposed the organization of a corporation to be known as the Associated Foundry & Machine Company. Plaintiffs subscribed for stock therein. Rukamp, in the name of the proposed corporation, purchased the equipment and plant of the Industrial Foundry & Brass Works, assumed the obligation of that company to the Commercial State & Savings Bank of Fenton, and gave a chattel mortgage in the name of the proposed corporation to defendant Olafsson, as trustee, to secure payment of the assumed obligation. The proposed corporation was never organized; articles of…