Schertz v. Record Machine & Tool Co.

This is an action to recover the amount paid by the plaintiff as partial payment for a one-fourth interest in the defendant corporation, including its stock, assets and business. All dealings in this connection occurred between the plaintiff and the defendant Baker, who was president of the corporation and who was carrying on its business.

This action was brought on July 9,1954. The amended complaint alleged that about December 8, 1950, the plaintiff paid to the defendants $10,000 on an oral agreement that this was to be in partial payment for one-fourth of the shares of stock in the…