Wolf v. Excelsior Automatic Scale & Supply Co.
Supreme Court of Pennsylvania
Appeal, No. 211, Jan. T., 1921, by defendant, from judgment of C. P. No. 2, Phila. Co., March T., 1919, No. 1422, on verdict for defendant, in case of Carl Wolf v. Excelsior Automatic Scale & Supply Co., Incorporated. Assumpsit to recover back moneys paid on stock subscription. Before Barratt, P. J. The opinion of the Supreme Court states the facts. Verdict and judgment for plaintiff for $5,453. Defendant appealed.
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Appeal, No. 211, Jan. T., 1921, by defendant, from judgment of C. P. No. 2, Phila. Co., March T., 1919, No. 1422, on verdict for defendant, in case of Carl Wolf v. Excelsior Automatic Scale & Supply Co., Incorporated. Assumpsit to recover back moneys paid on stock subscription. Before Barratt, P. J. The opinion of the Supreme Court states the facts. Verdict and judgment for plaintiff for $5,453. Defendant appealed. Error assigned, among others, was binding instructions for plaintiff, quoting them.
1Opinion of the Court
Opinion by
Mr. Justice Kephart,
A subscription to capital stock of a corporation is not only an undertaking with the company but with all other subscribers. Such contract is trilateral, and, if fraudulent or unenforceable between two of the parties, it may be enforced for the benefit of the third: Graff v. Pittsburgh & Steubenville R. R. Co., 31 Pa. 489, 498; Phila. & Delaware County R. R. v. Conway, 177 Pa. 364, 368. The rules of law with respect to the liability of a corporation to repurchase the stock or refund money subscribed and paid are much the same as those affecting the liability of…
2Cases cited9 opinions
- Lauman v. Lebanon Valley RailroadSupreme Court of Pennsylvania · 1858
- Dock v. Schlichter Jute Cordage Co.Supreme Court of Pennsylvania · 1895
- Balliet v. BrownSupreme Court of Pennsylvania · 1883
- Graff v. Pittsburgh & Steubenville RailroadSupreme Court of Pennsylvania · 1858
- Beltz v. GarrisonSupreme Court of Pennsylvania · 1916
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3Cited by14 opinions
- In the Matter of the Trimble Company, a Corporation. William J. McMinn Samuel A. Robinson, Joseph A. Warren, Jr., and R. J. Mitchell, CreditorsCourt of Appeals for the Third Circuit · 1964
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- McCay v. Luzerne & Carbon County Motor Transit Co.Superior Court of Pennsylvania · 1936
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- Pace v. Pace Bros. Co.Utah Supreme Court · 1936
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