Haese v. A. R. Demory Inv. Co.

RUDKIN, Circuit Judge.

October 26,1927, John Koke was the owner of eighty of the eighty-two shares of the capital stoek of the John Koke Company, a corporation. On that date Koke borrowed from A. R. Demory the sum of $11,000, executing his individual promissory note therefor, secured by a deposit or the delivery of the eighty shares of the capital stoek of the John Koke Company and certain insurance policies on the life of the maker of the note. The money was borrowed for the use and benefit of the John Koke Company to enable it to pay off its indebtedness-and discount its bills, and the money…