Ladson Lumber Co. v. Allen

DAVIS, Chief Judge.

Plaintiff is a Georgia corporation engaged in the lumber business, and throughout the time here involved, carried on extensive operations in Florida. About 1923 it had some transactions with the Dupont Lumber Company, a Florida corporation. This company, which was owned by W. C. Smith, W. Carlton Smith and J. E. Daniel, failed in 1927. At the time of its failure, the Dupont Company was indebted to the Plaintiff in the sum of approximately $5,500, and the plaintiff received nothing on its debt in the liquidation of the Dupont Company.

Subsequently, by arrangement with the…