Winfred Farmers Co. v. Smith

Plaintiff is a South Dakota corporation for profit organized in 1913 with a capital stock of $30,000, each share then being of the par value of $25. One share of stock was issued to defendant in June, 1914. In July, 1920, the capital stock was enlarged to $65,000 and the par value of the stock raised to $100 per share. In 1919 defendant subscribed for 10 shares of the proposed new stock and gave his promissory note for $975. The share of original stock was applied to make up the total sum of $1,000. This is an action brought to recover upon said note. There was judgment for plaintiff, from…