McCleery v. McCleery Lumber Co.

The opinion of the court was delivered by

Johnston, C. J.:

This appeal is another chapter in a long-continued litigation. The action was brought, on January 23, 1918, by T. F. McCleery and A. B. Yaughn, two stockholders of the McCleery Lumber Company, who also were directors of that company, against stockholders, creditors and other interested parties.

The McCleery Lumber Company, which was in financial trouble, sold and transferred its stock in trade consisting of building material, coal and its equipment to the McCleery-Dudley Lumber Company. Part of the consideration was paid in cash and part…