Nos. 7831-7835. | Tex. App. | Nov 2, 1927
The findings of fact of the trial judge are approved by this court, and they show that R. R. Russell was not a subscriber to the shares of stock, but bought the same from L. B. Comer, and in payment therefor gave him a promissory note for $2,500. R. R. Russell had no dealings with the corporation directly, but bought shares from L. B. Comer, which he had bought from the corporation. There is no evidence of R. R. Russell having any dealings with the corporation. The five notes sued on, each for $500, together with a sixth note in the same sum, were executed by the executors as a renewal of the original $2,500 note. The testimony is the same in each case, and it was agreed that similar judgments would be rendered in each case. Five of the Judgments are before this court. It was shown that under the laws of Oklahoma, where the Sterling Milk Company was chartered and had its domicile, a note given for a subscription to corporate stock in a corporation is void even in the hands of an innocent purchaser; but the evidence tended to show that Comer bought and presumably paid for the stock and afterwards transferred it to R. R. Russell. Appellee was an innocent purchaser for value of the evidences of debt given by R. R. Russell. The original note given by R. R. Russell was never paid by him or by his executors. The renewal notes were executed by the executors under the advice of their attorney, Judge R. F. Spencer, who was fully authorized by them to act for them in all matters pertaining to the estate. There were several renewals of the notes, and sometimes the interest was paid and sometimes added to the principal of the renewals.
The judgments in this and the other four cases of the same style, numbered 7831, 7832, 7833, 7834, and 7835, are affirmed.