Nonnast v. Northern Trust Co.

Louis F. Nonnast died testate May 17, 1930. He had manufactured furniture successfully for many years and had acquired considerable wealth. In 1920, he incorporated his business as Louis F. Nonnast Sons, Inc., and turned the management over to his two sons, Harry, since deceased, and Emory Nonnast. He held ninety-five per cent of the stock and owned the building occupied, in part, by the factory. There were two other tenants, and the real estate was mortgaged for $150,000. The sons operated the business at a loss, so, in 1925, Nonnast resumed the management. Over a period of years he advanced…