Nimmo

The complaint in this action alleges the execution by defendants to plaintiff of two promissory notes, each for $2,000; a payment of $1,000 on account of the first note and the balance of $3,000, plus interest and attorney fees, due, owing, and unpaid.

It appears that in 1923 plaintiff and one Shattuek, owners of Shattuek & Nimmo Warehouse Company, a corporation, entered into a written agreement for the sale of all the capital stock of said corporation, $30,000 par value, to defendants, at a purchase price of $34,000, payable in deferred payments represented by promissory notes, the last two of which are the ones here in suit. Both the assets and liabilities were set forth in said agreement and included in the list of assets were various accounts receivable, totaling $8,234.86, $685.51 of which defendants claim they have been unable to collect. The contract is eminently fair. Although the par value of the stock purchased for $34,000 was but $30,000, nevertheless the contract shows the net assets conveyed to be worth approximately $38,000. The entire purchase price, with the exception of the two notes involved in this litigation, was paid.

Defendants question neither the…