Corporations Keyed to Hamilton
Robertson v. Levy
Facts
. On December 22, 1961, Defendant and Plaintiff entered into an agreement whereby Defendant was to form a corporation, Penn Ave. Record Shack, Inc., which was to purchase Plaintiff’s business. Pursuant to the contract, an assignment of lease was entered into on December 31, 1961. On January 1, 1962, the articles of incorporation were rejected and Defendant began operating a business under the name Penn Ave. Record Shack, Inc. On January 8, 1962, Plaintiff sold the assets of his business to Defendant’s business in return for a note providing for installment payments. On January 17, 1962 the articles of incorporation were issued. Shortly thereafter, Defendant made one payment on the note. Within 6 months, the corporation ceased doing business with no assets. Plaintiff brought suit to recover on the note and on the lease.
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