Commercial State Savings Bank v. Bird

A corporation known as “Clare E. Mosher, Inc.,” had been engaged in the wholesale jewelry business in Detroit for several years prior to 1924. The greater part of the stock was owned by Clarence E. Mosher. In December of that year, Mosher succeeded in interesting the defendant Israel S. Bird in the business, and the negotiations resulted in an agreement executed on December 11, 1924, under the terms of which Bird entered into the employ of the corporation at a salary stated therein, and agreed to, and did, purchase 30 shares of its capital stock, for which he paid the sum of $3,000. It…