Carson v. Arctic Mining Co.
Michigan Supreme Court
Error to Wayne Circuit. This was an action of assumpsit, in which judgment was taken by default, for want of appearance and plea. The declaration contained two special counts and the common counts. The first special count set forth that the plaintiff below (defendant in error) was a corporation under the Act of 1853 (1 Comp.
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Error to Wayne Circuit. This was an action of assumpsit, in which judgment was taken by default, for want of appearance and plea. The declaration contained two special counts and the common counts. The first special count set forth that the plaintiff below (defendant in error) was a corporation under the Act of 1853 (1 Comp. L. 577), in which the defendant was an original shareholder, and that he signed the articles of association, by which he became the owner of 17,000 shares of $25 each, and received certificates therefor, whereby he became liable for and promised to pay all assessments,…
1Opinion of the Court
Martin Ch. J.:
The question of the liability of the plaintiff in error, in an action at law, for the calls upon his subscription for stock, was settled by this Court, in the case of The Dexter & Mason Pl. R. Co. vs. Millerd, 3 Mich. 91, in which it was held that the signing of the articles of association and subscription for stock imported a promise to the Company to pay the amount of such subscription when called in, although the in•strument contained no express promise to that effect. To this decision, founded as we conceive it to be in justice, and based upon sound reason, we shall adhere.
An…
2Cases cited4 opinions
- Allen v. Montgomery Rail RoadSupreme Court of Alabama · 1847
- Hartford & New-Haven Rail Road v. KennedySupreme Court of Connecticut · 1838
- Northern Railroad v. MillerNew York Supreme Court · 1851
- Dexter & Mason Plank Road Co. v. MillerdMichigan Supreme Court · 1854
3Cited by3 opinions
- Merrimac Mining Co. v. BagleyMichigan Supreme Court · 1866
- Atlantic Dynamite Co. v. AndrewsMichigan Supreme Court · 1893
- Grosse Isle Hotel Co. v. I'Anson's ExecutorsSupreme Court of New Jersey · 1880