Zogarts v. Smith

Rudy Zogarts and Josephine Barry brought separate actions on promissory notes, dated January 2, 1945, against the makers, Walter E. Smith and Thelma I. Smith. The Zogarts note was for $7,200 and stated “this note is payable only out of eight and one-third per cent (8%%) of the net profits of that certain partnership known as Keystone Tool & Supply Company hereafter to be organized by and between Walter E. Smith and Thelma I. Smith, the makers hereof.” It is further provided that the profits were to be calculated “as of July 30, 1945, and said percentage paid on account hereof, and the…