Brevard County Building & Loan Ass'n v. Sumrall

The Brevard County Building and Loan Association is a corporation having its principal office at Melbourne, Florida. In April. 1926 it had employed The Wachtel Company, a corporation, with offices at Daytona to sell stock. The terms upon which the stock was to be sold were one hundred and five dollars a unit; five dollars per unit at the time of purchase and fifty cents per unit per month in accordance with the by-laws of the Company. Each unit consisted of twenty shares of stock of the par value of five dollars per share. The five dollars required to be paid on each unit of twenty shares was…