Lipski v. Brooks

Opinion of the Court by

Judge Rees

Reversing in part, affirming in part.

Some time prior to 1931 the Lewiston Realty Company, a corporation, purchased from the Bloom Realty Company certain real estate in Louisville. Max M. Lip-ski, Edward Brooks and Maurice Brooks owned all of the capital stock of the Lewiston Realty Company. $53,-500 of the purchase price was represented by second mortgage notes bearing interest at the rate of 6%. The Lewiston Realty Company became unable to pay the mortgage notes or the accruing interest, and on October 19, 1931, the corporation and its stockholders entered…