Colorado Industrial Loan & Investment Co. v. Clem

Plain tier Clem bought of defendant company certain shares of its capital stock at an agreed price of $5,000, of which he paid in cash on delivery of the stock $4,500, and the balance of $500 was to be paid by him at a future time. In this action he sues the company defendant in its corporate capacity to recover the amount of the cash, and for a cancellation of the $500 note representing the deferred payment. In the amended complaint are four separate causes of action for the relief demanded, the first of which causes is based on fraudulent representations as to the assets of defendant; the…