This section contains the nature of the case and procedural background.

Preston entered into a contract to buy real estate for $240,000. Several months later, he formed a corporation which purchased the land from him for $350,000. A $72,500 note resulting from the mortgage involved with this sale was assigned to Frick (P) in 1962. The corporation defaulted on the note, and a receivership was appointed, Howard (D).

The legal issues presented in this case will be displayed here.

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Legal analysis from Dean's Law Dictionary will be displayed here.