German Mercantile Co. v. Metz
North Dakota Supreme Court
Appeal from, the District Court of Stark county; Crawford, J. A corporation can lawfully give' credit to a purchaser of its stock. Mitchell v. Beckman, 64 Cal. 117, 28 Pac. 110; Hacker v. National Oil Ref. Co. 73 Pa. 97, 13 Mor. Min. Rep. 538; Vermont C. R. Co. v. Clayes, 21 Vt. 30; Illinois River R. Co'. v. Zimmer, 20 111. 654; Goodrich v. Reynolds, 31 111. 490, 83 Am.
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Appeal from, the District Court of Stark county; Crawford, J. A corporation can lawfully give' credit to a purchaser of its stock. Mitchell v. Beckman, 64 Cal. 117, 28 Pac. 110; Hacker v. National Oil Ref. Co. 73 Pa. 97, 13 Mor. Min. Rep. 538; Vermont C. R. Co. v. Clayes, 21 Vt. 30; Illinois River R. Co'. v. Zimmer, 20 111. 654; Goodrich v. Reynolds, 31 111. 490, 83 Am. Dec. 240; Pine River Bank v. Hodsdon, 46 N. H. 114; Selma & T. R. Co. v. Roundtree, 7 Ala. 670; Greenville & C. R. Co. v. Woodsides, 5 Rich. L. 145, 55 Am. Dec. 708;' Little v. O’Brien, 9 Mass. 423; Leighty v. Susquehanna & W.…
1Opinion of the Court
Spalding,. J.
This action was brought in justice court upon a promissory note for $100 bearing date November 22, 1907, due one year from that date, with interest, given by the respondent to the plaintiff. Plaintiff is a domestic corporation. On the trial the defendant appeared and answered, admitting the making, delivery, and nonpayment of the note, and further alleged that the consideration of the note was ten shares of stock of plaintiff’s corporation; that defendant was not a subscriber to the capital stock of plaintiff; and that on December 7th, 1908, he had tendered said shares of stock…
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