Lagerquist v. Bankers Bond & Mortgage Guaranty Co.

The plaintiff, Richard Lagerquist, while a minor, subscribed, by a written contract, for 40 shares of the capital stock of the appellant corporation, the Bankers Bond & Mortgage Guaranty Company, at $125 per share. He executed two notes therefor, payable to the appellant, one for $3,750 and the other for $1,250. This controversy has to do only with the latter note.

It appears from the record that the stock salesmen who made the sale of the stock, knowing that Lagerquist was a minor, refused to accept his subscription unless he obtained the signature of a responsible adult upon the note for…