Wear v. Jacksonville & Savannah Railroad
Illinois Supreme Court
This was an action of assumpsit, by appellee against appellant, on the following contract: “ Farmington, August 28, 1856. We, the undersigned, do each for himself, hereby subscribe for the number of shares of the capital stock of the Jacksonville and Savannah Railroad Company, set opposite our respective names, and do hereby severally agree to pay to the order of the Directors of said Jacksonville and Savannah Railroad Company, the installments hereafter assessed thereon, as…
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This was an action of assumpsit, by appellee against appellant, on the following contract: “ Farmington, August 28, 1856. We, the undersigned, do each for himself, hereby subscribe for the number of shares of the capital stock of the Jacksonville and Savannah Railroad Company, set opposite our respective names, and do hereby severally agree to pay to the order of the Directors of said Jacksonville and Savannah Railroad Company, the installments hereafter assessed thereon, as they respectively become due, and to be governed by the charter and by-laws of said company. It is conditioned, that no…
1Opinion of the CourtWalker, J.
The subscription to the capital stock of this road, upon which this suit was instituted, was not payable until it became due on an assessment to be thereafter made by the directors, and not then, unless the grading of the road was undér contract. The subscription also contains a condition that no money should be paid, unless the road should cross the Peoria and Oquawka Railroad not less than two miles west from Elm-wood. The evidence shows that the grading of the entire road had been contracted, and the contract partly executed, previous to any assessment on this subscription. This, we think,…
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