Williamson v. Powell

Mr. Presiding Justice Jones

delivered the opinion of the court-

This is a suit in chancery brought by Earl B. Williamson, trustee in bankruptcy of the estate of John J. Schwartz Baking Corporation, against Herbert N. Powell, administrator with the will annexed and trustee of the estate of Margaret Farney, deceased, and others.

Margaret Farney in her lifetime was one of the incorporators of the baking corporation and subscribed for 50 shares of the capital stock at $100 per share. She paid in but $3,000, and only 30 shares of stock were issued to her. Henry K. Meyer subscribed for 20 shares, but…