Lamb-McGregor Co. v. Canton Grain Co.

The Canton Grain Company, a foreign corporation, owned a line of grain elevators in Minnesota and North Dakota. Ed Nutter owned all the stock issued, except two or three qualifying shares held by members of his family. He now owns all. The Canton Company was financed largely by Lamb-McGregor Company of Minneapolis. Early in 1921 the former company found itself involved. At some of its elevators there was not grain on hand to meet the storage tickets issued therefrom. Mr. Nutter was apprehensive that the ticket holders might proceed against him under the criminal statutes. He advised with the…