Hart v. Sickles

The complaint discloses the following facts: By virtue of a written agreement entered into by the parties to this action with the Smith-Vassar Telephone Company and the Knickerbocker Trust Company, the trust company loaned the telephone company $16,000 and took its promissory note therefor. The payment of this note was, under the agreement, secured by an assignment to the trust company of the subscriptions of the parties to this action to the stock of the telephone company. These parties also agreed to pay the amount of their respective stock subscriptions to the trust company when the note…