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• Title: Norwin S. Bean v. William E. Quirin. Same
• Author : Supreme Court of New Hampshire
• Release Date : January 04, 1935
• Genre: Law,Books,Professional & Technical,
• Pages : * pages
• Size : 63 KB

Description

In 1907 William E. Quirin, hereinafter called the defendant, acquired an interest in the Barton Company, a corporation maintaining a large department store in Manchester. For many years he was the principal stockholder in this company. Mrs. Quirin, whom he married in 1896, made frequent loans to him, taking his demand notes in return. She was named by him as the beneficiary of his various life insurance policies. The trust fund in question comprised the sum of $38,564.82, placed in the hands of George H. Warren, trustee, in 1915 to await the outcome of certain contingencies provided for by the will of Margaret A. Harrington. The defendant acquired by purchase the interests of certain of the Harrington devisees including that of Margaret Curtis (now living), who was entitled during her lifetime to the income of the fund. In 1915 the trustee loaned the principal of the fund to the defendant, who gave the trustee his note secured by a mortgage covering the defendant's real estate in Manchester. The trustee foreclosed this mortgage in 1929, and the proceeds of the foreclosure sale together with certain accrued income are now held by the trustee pending the result of the present litigation. In 1922 the plaintiff with others agreed to loan the defendant $100,000 to enable him to purchase 1,000 shares of the first preferred stock of the Barton Company, conditioned upon his raising $40,000 independently to put into the business. The notes on which the present actions at law have been brought represent the plaintiff's share of this loan. As security for the loan the defendant pledged stock of the E. C. Nichols Dry Goods Company, 70 shares of which were borrowed from Mrs. Quirin, who endorsed the certificates.

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