Supreme Court of Florida August 23, 1932 (Forcum v. Symmes)

Ellis, J.

The Union Bond and Mortgage Company, a Florida Corporation, was organized with the appellees as stockholders. They executed to the corporation their promissory notes in part payment for the stock, both common and preferred, for which they subscribed. In August, 1927, the corporation was heavily indebted to various persons and had failed to pay such indebtedness.