Sutton v. Moreland

HAMITER, Judge.

Prior to January 23, 1934, the stock of the Powhattan Mercantile Company, Inc., a small Louisiana corporation with its domicile in Natchitoches parish, was owned in the proportions of 20 per cent, by the Exchange Bank of Natchitoches, La., 64 per cent, by Dr. W. E. Moreland, and 16 per cent.- by J. W. Wilson. In other words, such bank owned one-fifth of the stock and the other two stockholders owned the remaining four-fifths thereof.

G. R. Sutton, plaintiff herein, was desirous of acquiring the interest of Moreland .and Wilson in the corporation, and after negotiating for some…