Park v. Compton

FOSTER, Circuit Judge.

rm.- • , » . - , ,, This is an appeal from a judgment allowing a claim of appellee in the bankruptcy proceedings of Air Services, Incorporated, a Texas corporation, over the objection of the trustee. The claim is based on a promissory note for $25,000’ which is secured by a vendo}Js lieib uPon 223 aeres of land in McLennan county, Tex., transferred to the bankrupt by appellee for the said note and certain shares of stock.

It appears that in October, 1929, F. M. Compton, Reed Compton, E. E. Parkhurst, *81and Warren E. Brown entered into an agreement to organize a corporation…