Banner Lumber Co. v. Alger Homes, Inc.

Banner Lumber Company delivered lumber to defendant building companies in 1959. Banner failed to press its claim against these companies upon being informed in May, 1960 that both Alger Homes, Inc., and Lauren Construction Co. had ceased doing business and had no assets. Upon being informed in January, 1970 by this Court’s opinion in Taines v Munson, 19 Mich App 29 (1969), that a one-half interest in a valuable property had been conveyed to Shapiro & Munson, Inc., by Michael Z. Taines, owner of Alger Homes, Inc., and Lauren Construction, on December 21, 1959, for far less than the real value…