Coachella Valley Lumber & Supply Co. v. Hollenbeck

This is an action to set aside the sale and transfer of one share of stock in defendant corporation, made by Lorena J. Young as president of plaintiff corporation, to E. Clyde Hollenbeck, one of the defendants herein. It is alleged in the complaint that the sale was made without authority or action by plaintiff corporation and was therefore invalid; that the defendant E. Clyde Hollenbeck occupied a position of trust and confidence with Lorena J. Young; that he induced her to sell the share of stock involved for less than its value; that plaintiff is the owner of said stock and that defendant…