McCormick v. Life Insurance Corporation of America

CROCKETT, Justice.

This is an action on a contract to recover commissions for subscriptions and sales of stock in defendant Life Insurance Corporation of America, referred to as Licoa.

In September, 1952, the defendant Licoa was in the process of changing from a mutual to a stock company. It entered into an agreement with plaintiff, Mathew J. McCormick, allowing him exclusive rights to sell the stock in the company and to receive a 20% commission on said sales.

McCormick and salesmen employed by him sold stock totaling $275,880 for which was received and delivered to the company:

Cash $142,729.86

P…