Hoyt v. Hampe

The defendants were the board of directors of the Interstate Automobile Insurance Company, of Rock Rapids, Iowa, of which the plaintiff was appointed receiver in November, 1. CORPORA- 1921. On February 28, 1921, the defendants TIONS: di- agreed to sell to the Gardner Mortgage rectors dis- Securities Company of Bloomington, Illinois, sipation of their 1,325 shares of stock, at $300 per share, assets: totaling $397,500, of which the Gardner Company liability. paid $50,000. This $50,000 payment is not in controversy. The balance, of $347,500, was paid by two checks, drawn on the bank accounts of…