Loomis v. Reimers
Supreme Court of Iowa
Appeal from Pottawattamie District' Court. — Hon. A. B. Thornell, Judge. The plaintiff is the receiver of the Council Bluffs Insurance Company. The defendant John Reimers was one of the stockholders in the company, having subscribed for $25,000 of its stock, twenty-five per cent, of which was payable in cash, and the remainder as assessments were made.
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Appeal from Pottawattamie District' Court. — Hon. A. B. Thornell, Judge. The plaintiff is the receiver of the Council Bluffs Insurance Company. The defendant John Reimers was one of the stockholders in the company, having subscribed for $25,000 of its stock, twenty-five per cent, of which was payable in cash, and the remainder as assessments were made. Of this twenty-five per cent, payment he paid a part in cash and gave the company a note, signed by himself and wife, for the balance, $4,750. To secure the payment of this note, he turned over to the company twenty shares of stock issued by…
1Opinion of the CourtSherwin, J.
i. duty ofary cale. There are some suspicious circumstances .connected with the purchase of the $5,500 insurance company note by W oelz, but they are not of suificient weight to overthrow the positive testimony of the witnesses as to the bona tides of that transaction; and we find that Woelz became.the owner of the note by said purchase and assignment, and that he is entitled to hold the Reimers note, the Shenandoah bank stock, and the other collaterals pledged for the payment thereof. To meet a possible holding of this kind, the plaintiff in his petition offered to pay to Woelz the amount…
2Cases cited5 opinions
- Roberts v. Stuyvesant Safe Deposit Co.New York Court of Appeals · 1890
- Cooper v. SimpsonSupreme Court of Minnesota · 1889
- Pingree v. Detroit, Lansing & Northern RailroadMichigan Supreme Court · 1887
- Willets v. . HatchNew York Court of Appeals · 1892
- First National Bank of Fort Dodge v. O'ConnellSupreme Court of Iowa · 1892
3Cited by1 opinion
- Carter v. McClainSupreme Court of Iowa · 1932