Bender v. Wiggins

Opinion by

Mr. Justice Drew,

Plaintiff is the trustee of a bankrupt corporation, of which Horace L. Wiggins was president and a director. At the meeting at which Wiggins was elected to those offices, it was agreed that, upon the approval of an increase in the capital stock, 200 preferred shares and 400 common shares of the new stock should be issued to him upon the payment of $10,000 therefor. Thereafter, on November 24, 1930, Wiggins paid $5,000 to the corporation in exchange for the issuance to him of 100 preferred shares and 200 common shares of its stock. On July 18, 1932, the corporation…