Bragg v. Kirksville Farmers Packing & Warehouse Co.

This is an action bottomed on fraud and deceit. On September 23, 1918, plaintiff subscribed for ten shares of stock in the defendant corporation at $30 per share, paying $50 in cash, and executing his note at sixty days for $250, in payment therefor. On December 20, 1918, he brought this action to cancel the subscription and note, and to recover the $50 cash paid. Judgment in the trial court was for plaintiff.

It may be stated by way of history leading up to the transaction involved, that the defendant company was incorporated July 16, 1918. with an authorized capital stock of $166,500,…