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NAPLES AWNING & GLASS, INC. v. CIROU

No. 77-1465.

358 So.2d 211 (1978)

NAPLES AWNING & GLASS, INC., a Florida Corporation, Appellant, v. L.R. CIROU, Appellee.

District Court of Appeal of Florida, Second District.

Rehearing Denied May 24, 1978.

Attorney(s) appearing for the Case

Robert E. Doyle, Jr., Asbell, Hains & Doyle, Naples, for appellant.

John L. Laskey of Treadwell, Emerson & Elkins, Naples, for appellee.

BOARDMAN, Chief Judge.

Appellant/defendant, Naples Awning & Glass, Inc.,1 appeals the final judgment of foreclosure of a mortgage on real property securing payment of a promissory note. The note was executed by Naples in partial payment for the purchase of stock in the corporation held by appellee/plaintiff, L.R. Cirou. We hold that the obligation was void because Naples had insufficient capital surplus to make the purchase, and we...

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