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eBook details

• Title: Borg v. Fain
• Author : Supreme Court of Wisconsin
• Release Date : January 04, 1951
• Genre: Law,Books,Professional & Technical,
• Pages : * pages
• Size : 57 KB

Description

This action is in equity to foreclose certain capital stock certificates of the George W. Borg corporation alleged in the complaint to have been deposited by defendant with plaintiff as collateral security for the payment of six promissory notes, the first of which is dated May 15, 1946, aggregating the principal sum of $81,397.43. They are simple notes, none of them containing any reference to the stock certificates, or that they are secured by any collateral. The answer admits the execution of the notes and that the stock certificates were deposited with plaintiff as collateral security for their payment; it alleges in substance that prior to the execution of the notes there had been some Discussion between plaintiff and defendant with reference to defendant's employment by the Bradley Knitting Mills of which the plaintiff was the owner of a controlling interest; that on or about the date of the execution of the first of the notes plaintiff agreed with defendant that if the latter would accept appointment as general manager of the Bradley Knitting Mills the plaintiff would purchase for defendant 5,000 shares of the capital stock of the George W. Borg corporation of which plaintiff was also the owner of the controlling interest; that plaintiff would permit defendant to pay for said stock out of the earnings of the Borg Corporation, and, 'that in any event, the plaintiff would be amply secured at all times by holding the stock certificates representing said stock, as security'; that defendant thereupon agreed to accept the appointment as general manager of the Bradley Company and that plaintiff caused him to be appointed as such; that thereupon defendant assumed and carried out the duties of such general manager until the month of December, 1948, at which time plaintiff caused the services of defendant with the Bradley Company to be terminated; upon information and belief that his services as such general manager were satisfactory to the plaintiff at all times; that in conformity with said agreement plaintiff purchased stock of the Borg Corporation for defendant; that as a part of the arrangement between the parties the plaintiff agreed that he would not demand payment of the notes or any part thereof, other than the dividends realized upon the stock, during the lifetime of the parties; that no interest would be charged thereon, and that the only reason plaintiff requested the notes was that the same might serve as evidence of the indebtedness in the event of the death of either of the parties; it admits that demand for payment of the notes had been made, that defendant had not paid them, except that payments had been made from time to time through dividends paid on said stock; that at the time of the commencement of the action the indebtedness on the notes had been reduced by dividends applied thereto and by other payments made by defendant; and that all of said payments applied upon said notes with the exception of $2,000 were realized from dividends paid on the stock directly by the Borg Corporation to the plaintiff pursuant to the terms of a written assignment made by defendant to the Borg Corporation.

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