Fink Bonding Ins. Co. v. Stevens

On the 10th day of August, 1933, the Fink Bonding & Insurance Company, through a committee appointed at a meeting of its stockholders, entered into a contract by the terms of which it was agreed that said company would convey to one Walter N. Stevens all its assets for a consideration of $9,000. Two thousand dollars of said amount was paid upon the execution of the contract, and according to the terms thereof Stevens agreed to pay the balance in installments of $3,500 each, on or before August 10, 1934, and August 10, 1935, respectively. Stevens defaulted in the payment of the two…