Farm Products Co. v. Jordan

Plaintiff is a corporation organized under the laws of the State of Michigan. It did not comply with the provisions of Act No. 46, Pub. Acts 1915 (3 Comp. Laws 1915, § 11945 el seq.), commonly known as the “blue sky law.” As the transaction here involved occurred prior to Act No. 404, Pub. Acts 1921 (Comp. Laws Supp. 1922, § 11945 el seq.), we shall refer to the sections of the original act. Shortly after its incorporation plaintiff sold 20 shares of its treasury stock to defendant at its par value of $100 a share. He paid $200 cash for which he received 2 shares of stock and gave his note…