Sherman v. Pepin Pickling Co.

Peterson, Justice.

Action by a preferred stockholder of defendant corporation, hereinafter referred to as defendant, to recover the par value of 33 shares of cumulative preferred stock of $100 par value and accumulated dividends at seven percent per annum. The defense was that, pursuant to statutes in force when the stock was issued and when defendant subsequently amended its articles "of incorporation, defendant by such an amendment cancelled not only the stock held by plaintiff by issuing in lieu thereof new preferred stock having a par value of $70 per share and entitled to dividends at…