Court Opinion

ID: 9848636
Source: CourtListenerOpinion
Date Created: 2023-09-24 04:23:52.568953+00
Date Added: 2024-06-11T09:18:32.666241
License: Public Domain

WOLLMAN, Justice
(dissenting).
I would affirm.
There is nothing in the record to indicate that plaintiff would have been in any different position had the titles to the trucks been transferred to the corporation and the stock certificates issued to plaintiff and the other two incorporators. The corporation utilized the trucks as though the titles had been transferred; there is no showing that plaintiff participated other than as an equal shareholder with the other two incorpora-tors in the affairs of the corporation, except that he was not required to contribute to the $1800 required to satisfy the debt due the company that had financed the trucks. Had the corporation continued to operate as an ongoing business and had the trucks remained as an asset thereof, I would agree that the failure to transfer the titles and to issue the stock certificates could have constituted failure of consideration, see, e. g., Wolf v. Sachse, Wis., 248 N.W.2d 407, but in the context of the present fact situation the performance or nonperformance of those acts was irrelevant.