Ventures, Inc. v. Jones

DONALDSON, Justice.

R. E. Ames, one of the defendant-respondents, owned certain orchard property in the Emmett, Idaho, area. As a consequence of indebtedness, Ames transferred title to this property to plaintiff-appellant Ventures, Inc. [hereinafter Ventures] but reserved the right to repurchase. Ames then formed Orchards, Inc. [hereinafter Orchards]. The 1967 annual statement listed the officers of Orchards as R. E. Ames, president, D. L. Johnston, vice-president, T. J. Jones, III, secretary and Z. Peter Scherer, treasurer. The directors included Ames, Johnston, Jones, Scherer, Joseph G.…