Utilities Holding Corp. v. Chapman

This litigation grew out of the following situation : H. R. and Pearl M. Chapman were husband and wife. The Davenport & Tipton Independent Telephone Company had 1,300 shares of common and 160 shares of preferred stock, owned as follows: H. R. Chapman, 1 share of common stock; E. R. Chapman, 2 shares; Charles Foy, 10 shares; and the defendant, Pearl M. Chapman, 1,287 shares. The preferred stock was all owned by Pearl M. Chapman. In the latter part of 1925, or the early days of January, 1926, W. J. Brownell sought an option to purchase this telephone company, and a written option therefor was…