Interstate Trust & Banking Co. v. Laplace

On April 25, 1910, the directors of the late People’s Bank & Trust Company, acting individually but in the interest of said bank, entered into an agreement in the form of a letter addressed to, and accepted by, plaintiff, as follows:

We, the undersigned, request you to protect the stock of the People’s Bank & Trust Company by purchasing as many shares thereof as may be necessary not to exceed 1,000 shares, at a price not above par; and in consideration therefor we obligate ourselves to pay you a commission, of two and one-half per cent, per share, par value, and to pay interest on your…