Nevada Land & Mortgage Co. v. Lamb

*248OPINION

By the Court,

Zenoff, J.:

Nevada Land and Mortgage Company, a corporation now dissolved, acknowledged that it was indebted to Frank Lamb for the sum of $15,083.87. Although recognizing its obligation to pay Lamb, the corporation through its officers and directors without making payment or arrangements therefore transferred the bulk of its assets to Leroy Corporation in exchange for 36,158 shares of Leroy’s stock which were then distributed to Nevada Land and Mortgage stockholders.

The distribution of the stock to the stockholders took place either in July or August of 1965. The…