Leister v. Carroll County National Bank

The controversy in this case arises out of the insolvency of a canning company and involves the relative priority of the claims of two creditors.

The Mountain Lake Canning Company, Incorporated, was incorporated in 1946 by Leister and wife and Roland N. Shaffer and wife, each of whom were named as incorporators and directors. Leister became the president. Each couple paid $25,000 for 250 shares of capital stock. The company purchased certain real estate in Garrett County, rebuilt a cannery building that had been destoryed by fire, and purchased new machinery and equipment. In 1947, the company…