Levy v. Broadway-Carmen Building Corp.

Henry R. Levy, the appellant, was the principal stockholder in the Studebaker Sales Company of Chicago. In January, 1926, David Gordon purchased the land involved in this foreclosure, from that company. He paid $35,000, in cash, and secured the balance of $100,000 by a mortgage. He reduced the debt to $70,000, and on April 13, 1931, when this became due, an agreement was made between Gordon and Levy by which $5000 more was paid and the property was deeded to the Broadway-Carmen Building Corporation, organized by Gordon. That company gave its note for $65,000, guaranteed by Gordon and his…