139 P. 720 | Or. | 1914
delivered the opinion of the court.
On November 7, 1911, according to the record, the defendant was indebted to one G. P. Eisman in the sum of $220, balance for labor and material in laying hardwood floors in two houses. In order to obtain time and secure payment of the same, defendant caused 20 shares of the capital stock of the Rowley Automatic Stock Releaser Company to he issued to Eisman. Defendant was secretary of this company, and he agreed in writing to redeem the above shares by purchasing the same within one year. Eisman assigned the claim to plaintiff for collection. Plaintiff demanded payment of defendant about December 10, 1912. Defendant pleads and claims that the written contract was for the purchase of the stock by defendant at any time within one year, and that neither plaintiff, nor anyone, ever tendered the stock to defendant or requested that he purchase the same within one year from the date of the contract. The trial court found in effect that the contract and issuance of stock to Eisman was for the purpose of securing payment of the $220; that the stock was valueless; and that the original debt was due and unpaid.
It is contended by counsel for defendant that the original debt was not alleged to have been assigned. We think the complaint is sufficient, especially after verdict, to embrace in the allegation of assignment the original account of $220, about which there is no dispute.
From a careful consideration of all the matters submitted by the record, we are of the opinion that the judgment of the lower court was such as should have