Franklin v. Sea Island Bank

Russell, Judge.

Upon the trial of the case it appeared that the defendant Joseph Franklin had purchased $25,000 worth of stock in Maggie Valley Enterprises, Inc. for which he paid $5,000 in cash and gave an original note for the balance. He later came to the conclusion after the transfer of the note by the corporation to Sea Island Bank that the stock was worthless and that the defendant corporate officers had misrepresented certain facts regarding the initial transaction. When the first note came due he indicated his willingness to pay the interest in the sum of $1,400 and execute a new note…