Swanson v. Sanders

This is an action on a promissory note. It is made payable six months after date in the sum of $2,500 to the order of E. G. Swanson, and bears date of April 2, 1948. The note was signed, “Wm. Brown, Pres. Redwing Paint Inc.” and “W. Ray Sanders”. The action is against *41Sanders only. There appeared on the back of the note when delivered the following memorandum:

“Rapid City, S. Dak.

“April 2, 1948

“It is understood and agreed that the undersigned William Brown will issue or cause to be issued twenty five hundred shares of his personal stock in the Red Wing Paint Co. of the Red Wing Paint Co. of…