Armstrong v. Colletti

This is an action for the unpaid balance on a contract and installment note given pursuant to the contract for the sale by the plaintiff (Seller) and her now deceased husband 1 to the defendant (Purchaser) of all of the outstanding common stock of a corporation which operated a restaurant known as “Mr. Steak” in Madison, Wisconsin. The judgment of the circuit court dismissed the complaint and amended complaint. We affirm.

The issue is whether a provision in the contract that the common stock retained by Seller as security becomes the property of the Seller on default and all payments by…