Steele, Receiver v. Coleman
Supreme Court of South Carolina
Before MemminGRr, J., Florence, May,-1921. Action by J. B. Steele as Receiver of Planters Fertilizer & Oil Co. against L,. B. Coleman: Judgment for plaintiff after the answer was stricken out on demurrer, and defendant appeals. cite: Demurrer admits allegations: 97 S. C., 413; 98 S. C., 162; 108 S. C., 364. Right to rescind contract and what amounts to rescission: 2 Rich. E, 40; 1 Strob.
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Before MemminGRr, J., Florence, May,-1921. Action by J. B. Steele as Receiver of Planters Fertilizer & Oil Co. against L,. B. Coleman: Judgment for plaintiff after the answer was stricken out on demurrer, and defendant appeals. cite: Demurrer admits allegations: 97 S. C., 413; 98 S. C., 162; 108 S. C., 364. Right to rescind contract and what amounts to rescission: 2 Rich. E, 40; 1 Strob. L, 396; 26 S. C„ 275; 62 S. C, 42; 79 S. C, 205; 86 S. C, 170; 2 Brev, 304; 1 S. C, 273. Contracts of stock subscriptions are governed by same principles: L. R, 2, H. E, 99; 2 Thomp. Corps, Sec. 1361; 1…
1Opinion of the Court
The opinion of the Court was delivered by
Mr. Justice Cothran.
Action upon a promissory note signed by the defendant, dated May 24, 1918, due 60 days after date, amount $960, payable to himself and indorsed to the Planters Fertilizer & Oil Company, of which the plaintiff was appointed Receiver by order of Court dated June 18, 1920.
The defendant alleges in his answer that the note was given in payment of a subscription made by him to the capital stock of said corporation, 12 shares, par value $100 per share; that he paid $240 cash, and gave said note for the remainder of his subscription; that…
2Cases cited1 opinion
- Steele, Receiver v. SingletarySupreme Court of South Carolina · 1922
3Cited by2 opinions
- Bain v. RogersSupreme Court of South Carolina · 1930
- Judson Mills v. NorrisSupreme Court of South Carolina · 1935