McCormick v. Clemenson

Quillian, Presiding Judge.

Defendant-appellant McCormick appeals on the general grounds from a verdict and judgment for plaintiff-appellee Clemenson in an action to collect on a promissory note. Held:

1. The parties were the two principal stockholders in a corporation they had created to invest in and operate real estate properties. After a few years of operation they agreed in writing that Clemenson, who was the vice president of the corporation, would resign as such and deliver his stock therein to McCormick, who in turn would give Clemenson a promissory note for $20,000 representing a return…