Security Savings Bank v. Sturtz
Supreme Court of Iowa
Appeal from Boone District Court. — E. M. McCall, Judge. Action by assignee of a note executed by defendant for $1,250, as an initial or cash payment on a subscription contract for stock in the Des Moines Union Stock Yards Company. Defense of fraud, inducing execution of the note, was pleaded, without rescission. At the close of defendant’s testimony, verdict was directed for plaintiff. Defendant appeals.
1Opinion of the CourtArthur, J.
On November 20, 1919, defendant, appellant, signed a contract for the purchase of stock of the Des Moines Union Stock Yards Company, wherein he agreed to purchase “50 shares of Des Moines Union Stock Yards Company, and agreed to pay therefor $100 per share, total, $5,000, payable as follows: Not less than one fourth cash accompanying this purchase, and the balance thereof as' evidenced by my promissory note of even date and number herewith. As soon as the total purchase price has been paid in cash a certificate for the stock hereby purchased is to be delivered to me. ’ ’
At the time appellant…
2Cases cited1 opinion
- Kuehl v. ParmenterSupreme Court of Iowa · 1923
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