Thomas v. Arkansas State Fair Assn.

In 1924, -appellant signed a subscription agreement for the- purchase of $250 of the capital stock of appellee. The subscription agreement provided that the amount might be paid in installments, and that upon full payment off the purchase price, “the Fair Association will issue and deliver to the undersigned the number of shares hereby subscribed for, which shall be fully -paid and nonassessable.” Appellant, either at that time or later paid $50 which was credited thereon leaving a balance of $200. On February 14, 1925, he executed and delivered to appellee his promissory note for such…