New Orleans Industrial Canal Land & Harbor Development Co. v. Kohler

WESTERFIELD, Judge.

This is a suit on a promissory note calling for $500, interest and attorneys’ fees. The de fendant pleaded estoppel and res judicata, and challenged the plaintiff’s ownership of the note, and finally set up his exemption from liability upon the ground that the note was given for a subscription to stock of the Equity Finance, Jnc., a corporation which is alleged to have subsequently issued additional stock without authorization to the prejudice of stockholders for worthless securities and to have otherwise mismanaged and improperly conducted the affairs of the corporation.

The…