Stone v. Hudgens

WALLACE, District Judge.

The plaintiff, W. L. Stone, as Trustee of the Estate of Bassett & Company, a (Oklahoma) corporation, bankrupt, brings this action against the defendant, L. E. Hudgens, an officer "and director of such corporation, to collect $5,000 for 50 shares of stock issued to the defendant but for which defendant never paid. 1 This sum was carried on the corporate books as “subscriptions receivable”; and, plaintiff urges that as trustee he is entitléd to collect such amount for the benefit of creditors inasmuch as this receivable was one of the assets relied up on by the various…