Nielsen

This action is for the purpose of recovering the purchase price of certain stock and is predicated upon a clause in a written agreement executed on June 25, 1923, between the Altomont Creamery, Inc., (respondent’s assignor), as the party of the first part, Acme Ice Cream Company, as party of the second part, and C. 0. Swanberg (appellant), as party of the third part, which is as follows: “The Third Party further agrees that at any time prior to July 1, 1926, should the first party not have exercised the option next hereinabove given it to exchange the said preferred stock for common stock, he, the Third Party, at the option and upon the request of the First Party, will purchase the said 130 shares of preferred stock at the price of $100 per share, payable at the rate of $1000 upon transfer of the said stock, and not less than $1000 per month thereafter until the entire sum of $13,000 is paid, provided, however, that in case the First Party shall desire to exercise either of the options herein granted, it shall so notify the Third Party not less than 30 days prior to the time when such option shall be exercised, said stock to be pledged as security for payment of the said…