Richolson v. Ferguson

The opinion of the court was delivered by

Mason, J.:

In 1906 J. T. Royston organized the Marquette Roller Mill Company, having a capital stock of $40,000. Only one share stood in his name, but his wife, for whom he acted as agent, owned a considerable •amount of stock. He was general manager of the business until December, 1907, when he and his wife sold their stock to various persons, William Ferguson being the purchaser of twenty shares. A written agree*412ment for the sale provided that the price should be fixed by the book value according to an inventory to be taken, one-third to be paid in…