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BOYD v. BOYD & BOYD, INC.

84-1974.

386 N.W.2d 540 (1986)

Grant D. BOYD, Gary C. Boyd, and Randall J. Boyd, Plaintiffs-Appellees, v. BOYD & BOYD, INC., Defendant, and Gene R. Boyd, Defendant-Appellant.

Court of Appeals of Iowa.

February 26, 1986.

Attorney(s) appearing for the Case

Thomas G. Schebler, of Schebler & Wine, Davenport, for defendants-appellants.

Dennis D. Jasper, of Stafne, Lewis, Jasper & Payson, Bettendorf, for plaintiffs-appellees.

Considered by OXBERGER, C.J., and SNELL and HAYDEN, JJ.

SNELL, Judge.

Defendant Gene R. Boyd was the president and sole stockholder of defendant Boyd & Boyd, Inc., a corporation engaged in the business of buying and selling rare coins, jewelry, gold and silver, and precious metals. Boyd & Boyd, Inc. was established in 1979. Gene transferred assets having a value of $116,000 to the corporation at that time. His capital contribution was $16,000 and a promissory note for $100,000 was executed to Gene by the corporation...

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