Minnesota Loan & Trust Co. v. Cole

The Washtenaw Poultry Farms were organized as a corporation in September, 1919, for the purpose of raising and dealing in poultry and eggs. The capital stock was fixed at $10,000, divided into 100 shares of the par value of $100 each. The defendant Helen G. Cole subscribed for 49 shares, W. R. McKenzie, plaintiffs’ decedent, 50 shares, and William Hochrein 1 share. Hochrein afterwards assigned his share to McKenzie’s wife. The articles of association were signed and acknowledged by the above named stockholders, and stated that all of the capital stock had been paid in cash.

Mrs. Cole was then…