Jorges v. Griffin

Quillian, Chief Judge.

On November 1,1973, the plaintiff, Edward W. Jorges, sold 200 shares of common stock in Apex Carpet Finishers, Inc. (Apex) and 2,000 shares of common stock in Jorges Carpet Mill, Inc. (Jorges) to the defendant who had just assumed the dual positions of Vice President with Apex and Assistant to the President with Jorges. The sale of the Apex and Jorges stock was evidenced by two collateral installment notes which were both executed by the defendant on November 1,1973. The terms of the note provided that installment payments would be made on March 31 of each year with the…