Loupee v. Michigan Central Railroad Co.

This is an action of replevin. On October 29, 1925, the Farrell Products Company of Dowagiac, manufacturers of washing machines, was recognized by its stockholders to be insolvent. Thomas J. Casey of Chicago was president and sales manager. Plaintiffs were stockholders. The corporation was obligated on notes to banks for $10,800, upon which Casey and plaintiffs were indorsers. An agreement was made under which certain stockholders, representing 939 of the 1,000 shares of the corporation, deposited their indorsed certificates of stock with plaintiff Loupee as trustee, to be delivered to Casey…