Citizens National Trust & Savings Bank v. Arrowhead Springs Beverage Co.

GRAY, J., pro tem.

Annie W. Stimson having been declared incompetent, pending this appeal, the guardian of her estate has been substituted in her stead. For the sake of clarity, she will continue to be called the respondent.

Respondent recovered judgment for the return of her paid subscription for appellant’s stock upon the theory that the subscription agreement was void because it included the sale of 700 shares of common stock, which, under the permit of the corporation commissioner, was not to be sold but was to be issued in escrow for the promoter of appellant, as well as 3,040 shares of…