Molson's Bank v. Hoekzema

Bn®, J.

On April 11, 1922, defendant purchased 200 shares of the Great Lakes Finance Corporation, paying therefor $12.50 a share. He made a down payment of $500 and .gave his promissory note for $2,000, payable in 20 months, without interest. A purchasing contract was executed cotemporaneously with the execution of the note, the material part of which follows:

“I hereby subscribe for two hundred (200) shares of the capital stock of Great Lakes Finance Corporation and agree to pay therefor the price of $12.50 per share. I agree to pay for said shares as follows: Five hundred dollars cash and…