The opinion of the Court, was delivered by
This is an action to recover the sum of $35,000 and interest, alleged to be due the plaintiffs by the defendant.
*289 The complaint contains two causes of action, which will be reported, omitting paragraphs numbered 1, 2, and 8"of the first cause of action, and 1 and 2 of the second cause of action. The jury rendered a verdict in favor of the plaintiffs for the full amount claimed, and the defendant appealed upon exceptions, which will likewise be reported. The agreement introduced in evidence by the defendant, dated the 23d of December, 1908, will also be reported
By reference to the contract between said parties, dated the 23d of December, 1908, it will be seen that the sum of $375,000 was agreed upon as the price for the timberlands, and that the defendant,' Ruggles, agreed to furnish that *290 amount and perfect the said purchase upon certain conditions; that said timberlands were to be conveyed to Ruggles, who agreed to pay the consideration of $375,000, and take the title to said property; that the parties, to- the contract were thereupon to proceed to the organization of a corporation, and in such organization, provide for two classes of stock, preferred and common; the preferred stock in the organization was to bear 6 per cent, per annum cumulative dividends to cover the cash investment of said property, etc., for which the said 'Ruggles was to furnish the money 1, as hereinbefore stated. There was a provision that the 'common stock should be divided as. follows: To the said Ruggles and his nominees, 60 per cent, thereof, and to the said Gill and Reib and their nominees, 40 per cent, thereof. Upon the organization of the corporation Ruggles. was to. convey the property over to it, and the stock was to' be issued and divided in the manner just stated.
It will thus be seen that the price of the timberlands, and by whom it was paid, determined the amount of preferred stock, and to whom it should be issued, and that the manner in which the corporation should be organized and controlled was dependent upon these two’ facts. The parol testimony tended to alter, vary, and contradict the written agreement in these material respects. The exceptions are therefore sustained.
*291
It is the judgment of this Court, that the judgment of the Circuit Court be reversed.
