Mutual Loan Co. v. Pierce

— Plaintiff, Mutual Loan Company, sought an injunction against its former employee, Donald C. Pierce, to restrain the latter from a violation of the restrictive covenant in the employment contract. The ‘ employment contract was entered into on March 17, 1952, when defendant entered plaintiff’s employ in the city of Sioux City, Iowa. It states that the employer is “engaged in the personal loan and installment finance business in various locations” and the contract makes the term “employer” include a subsidiary corporation. The contract of employment was for one year and thereafter it stood…