Southern Savings & Building Ass'n v. Gray

Opinion of the Court by

Hobson, Commissioner

Reversing.

Emmett L. Gray and wife, Geneva Gray, brought this action in equity against the Southern Savings & "Building Association on March 12, 1931, alleging t-hat on September 16, 1930, they were solicited to purchase certain shares of stock of the defendant and it was represented to them that they could purchase 5 shares of paid-up stock, which would pay them dividends of not less than 7 per cent., and that, believing this to be true, they paid the defendant $550 for the stock, that the' representations were false and fraudulent, and that the…