Selected Investments Co. v. Brown

On October 6, 1936, the Selected Investments Company, an Illinois corporation with offices in Chicago, plaintiff herein, borrowed 500 shares of National Gas & Electric Company stock from Rolland J. Brown, defendant, in accordance with negotiations that were had through Lewis W. Lawrence. Lawrence signed a receipt for the stock using the words, “for the company,” after his name. It stated that the stock was to be borrowed until delivery of common stock, presently to be issued as a result of the Public Gas & Coke reorganization, but in any event for not over 60 days from date. Plaintiff was to…