Peerless Fire Ins. Co. v. Reveire

On the 3d of September, 1912, appellee entered into a contract with appellant, an Arizona corporation, by the terms of which he agreed to purchase 420 shares of its capital stock at §15 per share. In accordance therewith stock was issued to him, and on the 11th of September he executed his note, bearing 8 per cent, interest from date, for $6,500 ($200 of which was for borrowed money), in payment therefor, payable on or before the 1st of January, 1914, which was secured by D. L. Loving’s note of date June 1, 1912, for $6,890, bearing 8 per cent, interest, payable to appellee on or before…