Kirk v. Kirk's Auto Electric, Inc.

728 S.W.2d 529 (1987)

Clarence K. KIRK, Appellant,

v.

KIRK'S AUTO ELECTRIC, INC., Billy H. Bone, Raymond Miller, André Bone, Joe T. Bone, Appellees.

Supreme Court of Kentucky.

April 30, 1987.

C. Thomas Poole, Bowling Green, for appellant.

G.D. Milliken, Jr., Bowling Green, for appellees.

REVERSING

LAMBERT, Justice.

The issue before this Court is whether shares of common stock issued by a corporation in exchange for unsecured promissory notes are void or voidable. The Court of Appeals held that such shares were merely voidable and that appellant's participation in the issuance of such shares precluded…