Bankers Mortgage Co. v. Lessley

* [EDITORS' NOTE: FOOTNOTE * IS OMITTED FROM THE ORIGINAL COPY OF THIS DOCUMENT, THEREFORE IT IS NOT DISPLAYED IN THE ONLINE VERSION.]

1. — Corporations. Constitution and statute prohibite acceptance by corporation of note in payment for its capital stock.

2. — Same. Maker of notes illegally accepted by corporation in payment for stock subscription held not liable on notes subsequently executed in settlement of makers supposed liability on original notes, since illegality of original notes invalidated entire transaction.

Appeal from Circuit Court of Howard County. — Hon. A.W. Walker, Judge.

AFFIRM…