Patterson v. Shaver

We have to determine if a contract to buy back corporate stock under certain named conditions is usurious.

The Standard Face Brick Corporation is a joint stock company chartered in Virginia, with power to issue stock *300of two classes,—common stock in shares of no par value and preferred stock in shares whose par value is $100 each. This preferred stock is entitled to receive from surplus or net profits yearly dividends of seven per cent which are cumulative.

Herbert G. Patterson, appellant here, had purchased from the company through Mr. J. A. Riddel, vice-president and director, certain shares…