Intermountain Title Guaranty Co. v. Egbert

GIVENS, J. —

Hyrum Nielson, of Preston, subscribed for fifty shares of common stock of the Intermountain Title Guaranty Company prior to incorporation, paying $125 cash and giving his note for $375. Thereafter he subscribed for twenty shares of common at $10 per share, and twenty shares of preferred at $115 per share, paying $625 in Liberty bonds, and giving his note for $1,875 for the balance. One Keller, who handled both subscriptions, indorsed on the back of the contract that Nielson might “drop one or five shares of his preferred stock which carries with it one-share of common stock,” and…