Holden v. Lashley-Cox Land Co.

The original stockholders of defendant Lashley-Cox Land Company, except for those holding a few shares, were the late Harry M. Nimmo, J. C. Lashley and defendant Edgar C. Cox. In 1932, Nimmo borrowed $20,000 from the Guardian National Bank of Commerce and pledged 150 shares of Lashley-Cox Land Company stock as collateral security. As additional security for this loan the bank required a guarantee of payment from James S. Holden, John S. Newberry, Murray W. Sales and Frederick M. Alger, Sr. The Nimmo loan was paid by the guarantors and the stock, which had been pledged as collateral,…