Galbraith v. McDonald
Supreme Court of Minnesota
Action, in the district court for Washington county by the trustee in bankruptcy of the Washington County Co-operative Co. to recover $100 upon a promissory note made by defendant in favor of the bankrupt company.
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Action, in the district court for Washington county by the trustee in bankruptcy of the Washington County Co-operative Co. to recover $100 upon a promissory note made by defendant in favor of the bankrupt company. The answer alleged the execution of the note in payment for one share of stock in the company, but that neither plaintiff nor the Co-operative Co., prior to the commencement of the action, either tendered to or offered to deliver to defendant the share of stock purchased by him. The case was tried before Stolberg, J., who denied defendant’s motion to dismiss the action, made…
1DissentBrown, C. J.
I am unable to concur in the decision rendered in this case. .There. *212are two possible theories upon, which plaintiff might prevail, neither of which in my opinion is tenable under the facts presented in the record: (1) Upon the theory that the promissory note is an en-forcible obligation, notwithstanding the fact that the consideration therefor, the stock of the corporation, has never been issued or tendered to defendant, and cannot now be issued, the corporation being in the hands of a trustee in bankruptcy; and (2) under the doctrine of estoppel in the interests of creditors. It seems clear…
2Cases cited2 opinions
- St. Paul, Stillwater & Taylor's Falls Railroad v. RobbinsSupreme Court of Minnesota · 1877
- Walter A. Wood Harvester Co. v. JeffersonSupreme Court of Minnesota · 1894