Sumner Coal Mining Co. v. Pleasant

Opinion -by

STEPHENSON, C.

O. E. Sumner and members of his family, who owned the majority stock in the Sumner Coal Mining Company, in October, 1922, sold the same to Lot Ravencraft. The purchaser executed. a series of notes in payment for the- stock, and pledged the stock as collateral security. The purchaser' also pledged other collateral for' the- payment of the indebtedness. "It later developed"-‘thát the notes and mortgages pledged to secure the páyment for the stock'were without value, and certain l’tigation occurred between'the Sumners and Ravencraft, hut this is not material in this…