Crane v. Bayley

Montgomery, C. J..

In December, 1894, the plaintiff and defendant were two of the seven directors of the Home Building & Loan Association. On that day all of the directors as individuals entered into an agreement in writing in the following terms:

“Whereas, the undersigned, Clark J. Whitney, William 5. Crane, Anthony Grosfield, J. B. Kennedy, R. J. McLaughlin, V. P. Bayley, and Edward D. Stair, are directors of the Home Building & Loan Association of Detroit;

“And whereas, by reason of the expenses incident to the beginning of business of the association, and otherwise, a deficiency of about…