Johnson v. Johnson

On February 26, 1927, J. R. Johnson, being then the owner of $4,000 worth of the capital stock of the Johnson Orchard Company, a corporation, sold the same on credit to W. S. Johnson, who on that day executed and delivered to J. R. Johnson his three promissory notes for the sum of $1,333.33, due respectively, one, two and three years after date with 8 per cent, interest until paid. Each note recited that it was in part payment of the purchase money of the capital stock ‘ ‘ according to the terms of the contract made and entered into on this date, in which contract these notes are referred…