ADAMS, J.
Suit was brought against Lyle Smith Home Appliance, Inc., and Lyle Smith, individually, upon a note of Lyle Smith Home Appliance, Inc., dated April 19, 1961. The corporation was principally owned by Smith, who was its president. The corporation had become inactive, and its assets were sold in 1960. In May, 1960, and May, 1961, annual reports were filed with and fees paid to the Michigan corporation and securities commission. The reports were not accepted...
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