Hess v. Iowa Bankers Mortgage Co.

—The Iowa Bankers Mortgage Company, a corporation having its principal place of business at Cedar Rapids, Linn County, was organized sometime prior to November, 1919. During that month, appellants separately subscribed for stock in the above corporation, in the aggregate amount of $63,000. $4,125 was paid in cash, and Louie R. Hess gave his notes to the corporation for $56,150, and Vernon, his son, for $2,625. In March, 1920, appellants commenced an action in equity in the distinct court of Linn County, to rescind and cancel the subscription contracts and the notes executed to the…