Furlong v. Johnston

The defendant signed a promissory note bearing date April 15th, 1918, for the sum of $1,000 payable to the order of the Empire State Motor Transport Lines, Inc., six months after date with interest. The note was indorsed before maturity to the order of the plaintiff who paid the corporation $900 for it. It appears undisputed that both the plaintiff and the defendant were actively interested in the Empire State Motor Transport Lines, Inc., and were stockholders or subscribers to its capital stock. About April 15th the defendant agreed to take forty shares of this stock and gave the corporation…