Kuehl v. Parmenter

Plaintiff signed a contract for the purchase at par value of 100 shares of the capital stock of the Planters Terminal Elevator Company and in consideration therefor paid $3,000 in cash and .executed and delivered his promissory notes in the sum of $7,000. Under the terms of the contract the stock was to issue when fully paid for. The stock has not issued and the notes have not been paid, although past due. The defendant Parmenter was-a director and stockholder in the Elevator Company and at the time of the contract of purchase by the plaintiff was also an agent of the corporation in the sale…