Van Horn v. Van De Wol, Inc.

Defendant Van De Wol, Inc. operates a golf course. Plaintiff Van Horn, while a stockholder in defendant corporation, made several loans to defendant, totaling $37,000, and received unsecured demand notes in return. Subsequently, before selling his stock to an investor produced by the corporation, plaintiff entered into an agreement providing, among other things, that he would not accelerate payment of the notes so long as the terms of the agreement were complied with, but that if he should at any time deem himself insecure he would have the right to demand payment of the notes.

Approximately 1…