Houston Finance Corp. v. Stewart

The Houston Finance Corporation was organized at Houston, Tex., for the purpose of accumulating and loaning money with power expressly given to borrow money. It was not incorporated. Those contributing to its capital were issued certificates of stock which were transferable. The business was in the hands of and managed by three trustees, officers of the company, with headquarters at Houston. Its articles of agreement were fashioned after a Massachusetts trust. It borrowed $12,000 from the Public National Bank of Houston on January 28, 1922, executing its note therefor, due April 80, 1922.…