Norton v. Lamb

The opinion of the court was delivered by

Thiele, J.:

From a judgment awarded against him for an unpaid subscription for stock in a corporation which was thereafter declared insolvent the defendant appeals.

Appellant Lamb and six other persons applied for and received a charter for The S. M. Finney Stores Company, which stated that the shares of common stock of no par value would be sold at $1 per share, and the amount of capital with which it would begin business was $20,000; that the estimated value of its goods, etc., was $20,000; that the capital stock was $250,000, divided into 100,000…