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DETROIT GRAY IRON & STEEL FOUNDRIES, INC. v. MARTIN

Docket No. 5, Calendar No. 48,492.

362 Mich. 205 (1961)

106 N.W.2d 793

DETROIT GRAY IRON & STEEL FOUNDRIES, INC., v. MARTIN.

Supreme Court of Michigan.

Decided January 9, 1961.

Attorney(s) appearing for the Case

Weiner & Grayson (Fred R. Walker, of counsel), for plaintiff.

Barbier, MacFarlane & Tolleson, for defendants Martin, individually and in his fiduciary capacities, the Detroit Bank & Trust Company, and others.

Chris M. Youngjohn, for defendant Colby.

Arthur F. Barkey, for defendant Costello.

KELLY, J.

Plaintiff was engaged in the manufacturing of gray iron castings for the automotive industry, and on February 6, 1929, certain of plaintiff's officers and directors formed the Detroit Alloy Steel Company to manufacture steel castings. The Detroit Alloy Steel Company leased a portion of plaintiff's premises at a monthly rental of $500.

In 1942 plaintiff sought a loan from the Reconstruction Finance Corporation...

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