Clark v. Pargeter

The opinion of the court was delivered by

Thiele, J.:

The question in this appeal is who is entitled to a certain promissory note.

The facts giving rise to the controversy may be summarized as follows: Some years prior to 1930, the Pretty Prairie Cooperative Grain Company was incorporated with an authorized capital of $50,000 divided into 250 shares of a par value of $200 each. It engaged in business, and on June 1,1930, stock to the amount of $4,800 *782had been subscribed and paid for by thirty-six stockholders. Apparently the business had been conducted at a loss, for about the latter date it was…