Martin v. Schuler

LAVENDER, Vice Chief Justice.

Appellant trustee (trustee), Villard Martin, Jr., is the Chapter X bankruptcy trustee for Locke-Schuler Corporation, a Delaware corporation, seeking reorganization. The three appellees, R. L. Schuler, Paul Locke, and Joseph W. Turner (individuals), were the principal officers of the corporation. Each of these individuals had entered into a separate, but identical, written agreement with the corporation for the issuing to each a certain number of shares of stock for a particular price and under the terms therein contained.1

At the time of this appeal, the record…