Commercial Bank of Menominee v. Weidman

The Weidman Lumber Company, a Michigan corporation, with offices and plant located at Trout Creek, Michigan, had a paid in capital of $200,000. The three Weidman brothers, defendants herein, were its officers, J. Stanley being president, Evan S., vice president, and Robert M., secretary and treasurer. In earlier years the company had been very successful but in later years it was far from prosperous. In connection with its lumbering operations it had purchased grocery supplies for its camps. The company enjoyed excellent credit, though if the truth had been known, it was living off its past…