Conrey v. Seligman

The parties to this action Nvere stockholders in the Columbia Equity Exchange, a farmers’ elevator company. The company was in financial distress. At a meeting of the stockholders in February, 1921, the financial situation of the company was disclosed, showing an indebtedness of from $30,000 to $35,-ooo.* It was proposed that each of the 70 odd stockholders give his promissory note to the company in the sum of $500 for the purpose of keeping the company afloat. Defendant 'Seligman executed and delivered his note in said sum. This action was brought to recover on said note. Plaintiffs and…