Kelley v. Carson

Deen, Judge.

As to the main appeal, a finding was authorized but not demanded that the $4,350 note was not for the purchase money of stock in the corporation but was part of an attempt to raise money to keep the corporation in business. Had the note been made out to Country Music, Inc., a different situation would of course have resulted. Under the circumstances obtaining, the defendant’s position that there was no consideration for his note other than the mutual promises of the payees to obtain like funds for a mutual undertaking (in which regard see Code § 20-304) is legally tenable, as well…