Winsor v. Commonwealth Coal Co.

Citations

• 63 Wash. 62
• 114 P. 908
• 1911 Wash. LEXIS 1158

Syllabus

<p>Attorney and Client — Dealings Between — Fraud—Evidence— Sum cien c y. The evidence sustains findings that attorneys did not overreach a client in entering into a contract whereby half of his stock in a mining corporation was turned over to the attorneys in consideration of their raising the funds to pay off the indebtedness and finance the concern, the other half of his stock to be held under a pooling agreement, where the client owned the majority of the stock, the concern was in the hands of a receiver, there was no market for the stock and no other way to pay off the indebtedness, and the client made the proposition with full knowledge of the facts and was fully competent to attend to business.</p> <p>Corporations — Management—Employment of Stockholder — Discharge. A stockholder transferring stock in consideration of an agreement that he be employed as sales agent may be discharged from such position for inefficiency.</p> <p>Usury — Who May Raise Objection. The objection that the giving of stock to persons who advanced money for loans to the corporation amounted to usury cannot be urged by a person who was not interested in the transaction or stock.</p> <p>Corporations — Management—Pooling Stock — Validity of Contract — Public Policy. A pooling contract for the voting of corporate stock is not void as against public policy, because of provisions in the agreement relating to the employment of an agent and the election of a director, where there was no fraud and nothing unlawful about it and nothing which necessarily affected the rights of minority stockholders.</p>