Brittin v. Standard Pecan Co.

217 Ill. App. 511, 1920 Ill. App. LEXIS 91
Appellate Court of Illinois·Decided April 27, 1920·Published

Opinion

Mr. Justice Eldredge

delivered the opinion of the court.

Dora Brittin, appellant, brought her action in assumpsit against the Standard Pecan Company, appellee, to recover upon the following contract:

“In the event that the terms of the agreement recorded on Certificate No. 138 are not complied with by the Standard Pecan Company then the below note shall become at once due and payable according to the terms stated therein and redemption may be demanded any time thereafter.

“Should the Standard Pecan Company go into liquidation before maturity of the above numbered certificate, or before the same has been redeemed, then the owner of said certificate may demand payment of the below note the same as though it was already due.

“It is further agreed that there shall not be issued an amount of withdrawal stock in excess of one-third of the net assets of the company while this certificate or the below note remains in force.

“$1000.00 Bloomington, Ill., July 17th, 1912.

“Three years after date, for value received, the Standard Pecan Company promises to pay Mrs. Dora Brittin, or order, at its office in the city of Bloomington, One thousand Dollars................Dollars, and in addition thereto a sum equal to 7 per cent interest from the last dividend payment on the attached certificate. ,

“Should this note not be paid when due an attorney’s fee of 5 per cent will be allowed for the collection thereof.

“This note will be void if detached from certificate No. 138.

Standard Pecan Co.

H. S. Watson, Pres.

Attest: W. W. Whitmore, Sec’y.

“No. 138 Withdrawable Stock Shares 100

Standard Pecan Company.

Capital Stock $500,000.

“This certifies that Mrs. Dora Brittin........is the owner of.... 100.... Withdrawable Preferred Shares of Ten Dollars each of the capital stock of the Standard Pecan Company, fully paid and non-assessable, however without the right to vote the same, transferable only on the books of the corporation by the holder hereof in person or by attorney upon surrender of this certificate properly endorsed.

“The holder of record of withdrawable stock is entitled to receive, and this company is bounden to pay, a dividénd of seven per cent per annum for a period of ten years from date or until this certificate is redeemed.

“The dividends shall he cumulative and shall be paid prior to any dividend being paid the holder of Common Stock. Withdrawable Stock shall be limited to one-fifth of the capital stock authorized.

“In the distribution of assets the face value of Preferred Stock with cumulative dividends, if any, shall first be paid. Any remaining assets shall go to the holders of Common Stock. .

“Mo mortgage shall be issued ^gainst any of the present or future holdings of the Company while any of these Withdrawal Certificates are outstanding, except for the original purchase price of land.

“This certificate is withdrawable under the following conditions:

“Payment of this certificate at its face value and all accrued, dividends may be made 3 years from date or any time thereafter, a thirty days’ previous notice in writing having been given by either party, upon the following terms and conditions:

“This Company shall create and maintain a Bedemption Fund during the life of these certificates by placing in such fund five per cent of the par value of the certificates outstanding. This fund shall be used to pay withdrawals upon thirty days’ written notice. If this fund is not sufficient to pay the Withdrawal, with cumulative dividends, if any, this company agrees as soon as notice of desire to withdraw is given, to set aside one-half of its entire income from whatever source until there are funds enough to pay this withdrawal and to maintain five per cent Bedemption Fund. These withdrawal certificates, with all accrued dividends, shall be paid in the order in which request ■for payment has been filed with the Company or notice of the Company’s desire to pay the same sent to the owner of record. Mo certificate shall be called in by the Company until it is subject to call for payment by the holder, then the Company may pay same, upon thirty days’ notice to the owner by paying its face value and all accrued dividends. At the end of ten years this certificate and all accrued dividends must be paid.

“In witness whereof, The said corporation has caused this certificate to be signed by its duly authorized officers and to be sealed with the seal of the corporation, this 17th day of July, A. D. 1912.

The cause was submitted to the court for trial who found the issues joined in favor of appellee and judgment was rendered accordingly.

The original declaration consisted of two special counts and the consolidated common counts. The two special counts declare upon the instrument as a promissory note though the whole contract is attached to the declaration and made a part thereof. A demurrer was interposed to these two special counts and sustained. Thereupon it appears from the record that appellant obtained leave to file an additional count, and ^hat purports to be an additional count was filed. To the additional count a demurrer was also interposed and. sustained. There seems to be some confusion in the record in regard to whether this additional count was treated as such or as an amended count. The record shows that a demurrer was filed March 25, 1919, to the “amended count.” The record also shows that on April 28, 1919, the demurrer was sustained to the “amended” count and that on June 25, 1919, that appellant abided by her “amended” count. As no other counts appear in the record than the one above mentioned, it will be presumed that the special count purporting to be an additional count was, in fact, an additional count and not an amended count and that appellant abided by her additional count. However, there is nothing in the record to show that after the demurrer was sustained to the two original special counts that she abided by said counts. They must be treated therefore as having been abandoned.

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Brittin v. Standard Pecan Co., 217 Ill. App. 511, 1920 Ill. App. LEXIS 91 (Ill. Ct. App. 1920).

217 Ill. App. 511 (Brittin v. Standard Pecan Co.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

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