Payne v. White Swan Auto Co.

— The White Swan Auto Company is a corporation, organized under the laws of the state of *551Washington. Its capital stock is divided into seven thousand five hundred shares, of the par value of one dollar each. On December 19, 1919, O. A. Payne and Camilla Payne, his wife, owned and held five thousand of such shares; the remaining two thousand five hundred being then owned by one King. Payne and wife were the officers and managers of the corporation. On that day, they sold their stock to Thomas Thompson, S. M. Thompson and Emery Saffold, for the sum of $6,500. Of this sum, the purchasers paid…