Black v. Shreeve
New Jersey Court of Chancery
On tlie lltli of June, 18-16, John Black, Joseph Smith and Benj. Jones exhibited their bill stating that on the 11th Feb., 1833, the Legislature of this State passed an act entitled “ An act to incorporate the Delaware and Jobstown rail or McAdamized road Co.,” by the 1st sec. of which it was enacted, that the said John Black, &c., should be a body corporate &c., and be capable of holding and conveying real or personal estate, &c.
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On tlie lltli of June, 18-16, John Black, Joseph Smith and Benj. Jones exhibited their bill stating that on the 11th Feb., 1833, the Legislature of this State passed an act entitled “ An act to incorporate the Delaware and Jobstown rail or McAdamized road Co.,” by the 1st sec. of which it was enacted, that the said John Black, &c., should be a body corporate &c., and be capable of holding and conveying real or personal estate, &c. That by the 2d sec. of said act it was enacted, that the capital stock of the corporation should bo $60,000, with liberty to increase it to $200,000, and should be…
1Opinion of the Court
The Chancellor.
The question proper to bo first considered is, what is the true construction of the covenant as to whether any of the covenanters who may be unable to pay the whole of his proportion of the loss or deficiency is to be absolved altogether from paying anything, or is liable to pay so much of his proportion as he may be able to pay.
The instrument recites, that the subscribers to it have agreed with the complainants that, if the property mortgag’ed shall prove insufficient to pay the sum loaned, so that a loss or deficiency shall happen, each of them and each of the complainants…
2Cited by1 opinion
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