Baird v. McDaniel Printing Co.

This is a suit on a note given by a corporation in purchase of its own stock.

The McDaniel Printing Company, Inc., is a Tennessee corporation with a capital stock of $3,000. The stockholders were D. J. McDaniel, Sr., D. J. McDaniel, Jr., and Gordon Baird, each of whom owned ten shares of the par value of $100 a share. The three stockholders later disagreed and Baird wished to withdraw from the corporation. The corporation purchased his stock, giving him a note for $1,000, on which it paid $30. D. J. McDaniel, Sr., signed the note as joint maker.

The original bill in this cause was filed by…