Young v. Stephenson

In Young v. Stephenson, 1921 OK 164, 82 Okla. 239, 200 P. 225, plaintiffs purchased stock in the corporation. Young guaranteed against loss and that the stock should be worth a certain price at a specified time. The stock did not rise to the value guaranteed by Young and he acquired the stock from the plaintiffs, giving promissory notes, cash and certain agreed credits in payment He failed to pay the notes and plaintiffs filed suit. Young defended on the theory the guaranty agreement constituted a void gaming contract. The Court determined the contract to be one in the nature of a contract of guaranty insurance.