Ashland National Bank v. Conley

Opinion op the Court by

Jud.ge Dietz,man

Reversing.

In the year of 1925, the city of Ashland was experiencing a rapid growth. The demand for money to finance real estate and building operations was very acute and greater than the supply forthcoming from that community. Sensing the situation, a number of prominent gentlemen of Ashland organized the appellant Southern Securities Corporation, with a capital stock of $300,000. The powers of the corporation under its articles were very broad, including the right not only to act as broker for others in the procurement of loans, but also the right to…