Wellman Pipe Line Co. v. Allegan County Sheriff

In August, 1932, Ernest L. Well-man, president of the Wellman Pipe Line Company, who had executed a promissory note to Elmer L. Kinsey, transferred to Kinsey all the stock of that company as security. On April 18, 1936, Kinsey foreclosed the security and became the owner of this stock. Wellman had previously also been president of the State Refining Company, which operated the pipe line owned by the Wellman Company. The Refining Company apparently wanted to regain control of the pipe line, and with such an object in view, on October 12, 1936, a trilateral agreement was entered into between…