Rex Schepp and Mary Schepp, His Wife v. Ellen Langmade, Individually and as Administratrix of the Estate of Stephen W. Langmade, Deceased

This is an appeal from a judgment entered by the district court sitting without a jury, and from the denial of a motion to vacate that judgment and grant a new trial. We have jurisdiction under 28 U.S.C. § 1291 .

The action was commenced below by the wife of Stephen Langmade, a deceased attorney, individually and as administratrix of her husband’s estate, and by Langmade’s surviving law partner. Appellants Rex Schepp and his wife were the controlling shareholders of Evansville Television, and he was the president of the company. Langmade performed services for Evansville worth $37,000.00. He agreed to accept 1000 shares of both Class A and Class B stock for his services, which were worth $20.-00 per share, and to pay Evansville $3,000.00. The shares were issued to a John Spencer and Rex Schepp for reasons not here material, and were endorsed by them and delivered to Lang-made. Thereafter, in June of 1956, Rex Schepp asked Langmade to return the stock certificates to him so they could be reissued in Langmade’s name. Lang-made did so. In February of 1957 he demanded issuance of the stock, but was refused. He thereafter commenced an action against Evansville for breach of contract,…