Estate of Newman v. Newman

The claim upon the part of appellant is that the transaction amounted to a loan of $3,000 to Newman and that the thirty shares of stock issued to appellant were given to qualify him as a director in the S. H. Newman Ore Company and as “some security.”

There is no dispute but that on April 24, 1926, appellant issued his persoñal check to the order of deceased in the sum of $3,000; that the check was indorsed by Mr. Newman, paid by the bank on which it was drawn, and charged to *93appellant’s account. Respondent’s position is that the check was issued in payment for thirty shares of the capital…