Guaranty Trust Co. v. Satterwhite

During the month of September, 1932, a receiver was appointed, by the superior court, for Yakima Finance Corporation, an insolvent. On appeal, the order appointing the receiver was affirmed by this court. Snyder v. Yakima Finance Corp., 174 Wash. 499, 25 P. (2d) 108. The corporation was hopelessly insolvent, and has never resumed operations. Apparently, it had made a practice of selling its capital stock for less than its par value, at the price of one hundred twenty-five dollars for two shares of preferred and one share of common stock, each share having a par value of fifty dollars.…