Sears

A decree granted judgment against appellant and another, in a suit brought by appellee as trustee in bankruptcy to recover for an alleged withdrawal of funds belonging to the bankrupt corporation by the appellant and another, and appellant brought this appeal.

Klipstein, the appellant, is a brother-in-law of one Stelzner, and was engaged in the “title business”. Stelzner and two other men on July 17, 1920, caused to be incorporated under the laws of California the “Globe Drug Company, Inc.” hereinafter referred to as the bankrupt, with 25,000 shares of capital stock of the par value of $1 per share.

The record is very sketchy about certain details, but apparently the corporation had thereafter engaged in the retail drug business, had only three stockholders, including Stelzner, and sometime prior to December 21, 1927, an agreement was made between Stelzner and the other two stockholders, whereby Stelzner agreed to purchase from them their stock in the bankrupt.

On December 21, 1927, a certificate for ten shares of the bankrupt’s stock was is *116 sued in appellant’s name. On December 31, 1927, the bankrupt’s stockholders elected appellant, Stelzner and Dorothy Stelzner to be…