(Download) "Jack Pryor v. Oak Ridge Development Corporation" by Supreme Court of Florida ~ eBook PDF Kindle ePub Free
eBook details
- Title: Jack Pryor v. Oak Ridge Development Corporation
- Author : Supreme Court of Florida
- Release Date : January 22, 1928
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 69 KB
Description
BUFORD, J. -- A bill of complaint was filed in the Circuit Court of Polk County to rescind a purchase and sale of certain lands. The bill alleges in substance that R. E. L. Pryor and some other person, unnamed, procured an option from the owners to purchase said lands for $83,700.00. That Pryor and his associates were unable to finance the deal and thereupon Pryor organized a corporation under the laws of the State of Florida under the name of Oak Ridge Development Corporation and sold stock in that corporation to certain individuals who are now owners of such stock. That the corporation was formed and the stock therein sold for the purpose of purchasing the property upon which Pryor and his associates held the option. That Pryor was a stockholder in the corporation and acted for and in behalf of the corporation in consummating the purchase of the lands. That Pryor represented to the stockholders of the corporation that the lands could not be purchased for less than $83,700.00 and procured Jack Pryor, one of the defendants, to make the same statement to one of the stockholders of the corporation prior to the closing of the deal, when, in truth and in fact, the said R. E. L. Pryor was to receive a sum of money and did receive a large sum of money as his commission and also received certain notes as commission, all of which he retained and did not divulge to the corporation or its stockholders. The bill alleges that this action on the part of R. E. L. Pryor who, it is alleged, was agent for the corporation and its stockholders, and of Jack Pryor, who was part owner of the lands involved and represented the other owners, constituted a fraud on the corporation and its stockholders, because of which the purchase and sale should be cancelled and rescinded and the consideration received by the vendors returned to the vendees. By implication,
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