Spiegel v. Frangoulis

Mr. Presiding Justice Edwards

delivered the opinion of the court.

Hope Motor- Company, having its place of business in Granite City, was incorporated October 1, 1928. Thirteen months later, or on October 28, 1929, appellee purchased 10 shares of its common stock for $1,000. Appellant, John Frangoulis, was then its president, and signed the stock certificate. On February 27,1931, the circuit court of Madison county, in a proceeding brought for the purpose, declared the corporation insolvent, and entered a decree for its dissolution and winding up its affairs.

September 14, 1932, appellee brought…