Joliet Electric Light & Power Co. v. Ingalls

At a meeting of the board of directors of the Joliet Electric Light and Power Company, plaintiff in error, held on the 11th day of February, 1886, a proposition in writing signed by Lewis E. Ingalls, defendant in error, was submitted to the board. This writing informed the board that he, Ingalls, had bought the plant of the Citizen’s Electric Light Company of Joliet, and would sell the sámete the first mentioned corporation for §6,500, of which sum §2,500 was to be payable in sixty days, and §4,000 on or before one year, all bearing eight per cent, interest per annum from date, “ and secured…