Opinion
Gen. No. 42,824. (Abstract of Decision.)
Opinion filed March 8, 1944 Rehearing denied March 22, 1944
CORPORATIONS, § 550 — stock-purchasers' liability for price as against theory of forfeiture of contract. Defendant purchasers of corporate stock, which was to be paid for over period of years, held liable, in light of stipulated facts and against defendants' theory of forfeiture of contract, for purchase price of stock, certificate of which had been taken possession of by seller of stock, after defendants' partial default in payments, on receivership of bank in which certificate was deposited, no forfeiture of contract, under option contained therein, ever having been attempted or intended by anyone having right of forfeiture.
See Callaghan's Illinois Digest, same topic and section number.
Appeal from the Circuit Court of Cook county; the Hon. HARRY M. FISHY, Judge, presiding.
Judgment affirmed. Heard in the second division, first district, this court at the October term, 1943.
Harry S. Ditchburne, for appellants;
Edward G. Berglund and Benjamin F. Morrison, for appellees.
Not to be published in full. Opinion filed March 8, 1944; rehearing denied March 22, 1944.