Iowa Cord Tire Co. v. Babbitt

I. On or about March 13, 1919, the appellee subscribed for certain shares of stock in the appellant company. The subscription was obtained by one of the stock salesmen of the appellant. Said subscription contract was as follows:

“Subscription for Stock.

“Fully paid and Nonassessable Par Value $25.00.

“To Iowa Cord Tire Co.: I hereby subscribe for 16 shares preferred and 8 shares common of the capital stock of the Iowa Cord Tire Co. (Incorporated under the laws of Iowa) agreeing to pay therefor at Des Moines, Iowa, $25.00 per share, upon the following terms: Cash $150.00 Note for $450.00 Sept.…