Waterbury v. United Telephone Co.
Oregon Supreme Court
From Marion: William Galloway, Judge. Department 1. Statement by Mr. Justice Burnett. The plaintiff, Gr. W. Waterbury, brings this suit against the United Telephone Company and J. L. Calvert, its receiver, to recover upon two promissory notes, one for $4,500, and the other for $230, which he alleges were executed and delivered to him by the defendant corporation for money which he loaned to it, and to foreclose his lien upon $12,000, par value of the corporation’s bonds…
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From Marion: William Galloway, Judge. Department 1. Statement by Mr. Justice Burnett. The plaintiff, Gr. W. Waterbury, brings this suit against the United Telephone Company and J. L. Calvert, its receiver, to recover upon two promissory notes, one for $4,500, and the other for $230, which he alleges were executed and delivered to him by the defendant corporation for money which he loaned to it, and to foreclose his lien upon $12,000, par value of the corporation’s bonds which he says were pledged to him as security for payment of the notes mentioned. The execution and delivery of the notes is…
1Opinion of the CourtJustice Burnett
1. From the record it appears that the corporation was organized August 12, 1909, at which time the transaction of issuing stock to the son was completed. The note for $4,500 was executed June 1, 1911, and the other note was issued April 18, 1912. Almost without dispute, the testimony shows that the corporation actually received from the plaintiff the money involved in these two notes, and that it was expended in the enterprise in which the concern was engaged. Such circumstances firmly establish the corporation’s obligation to pay the notes: Tyler v. Trustees, 14 Or. 485 (13 Pac. 329);…
2Cases cited10 opinions
- Schreyer v. Turner Flouring Co.Oregon Supreme Court · 1896
- West v. Washington Railway Co.Oregon Supreme Court · 1907
- Calvert v. Idaho Stage Co.Oregon Supreme Court · 1894
- Macbeth v. BanfieldOregon Supreme Court · 1904
- Tyler v. Trustees of Tualatin AcademyOregon Supreme Court · 1887
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