Security Savings Bank v. Workman

An employee of the Globe Manufacturing Company, a corporation engaged in business, entered into a contract with the said company, purchasing 1,000 shares of stock, of par value of $1.00 each, and executed his promissory note to it therefor in the sum of $1,000. This stock was retained by the company as collateral security, in pursuance of said agreement, which provided that:

*577“In consideration of J. H. Workman purchasing one thousand dollars ($1,000) worth of stock in the Globe Mfg. Co. said company agrees to take his note for same for one year drawing 7 per cent interest, holding said stock as…