Spellier Electric Time Co. v. Leedom
Supreme Court of Pennsylvania
Appeal, No. 127, Jan. T., 1892, by defendant, Joseph Leedom, from judgment of C. P. No. 2, Phila. Co., June T., 1891, No. 373, for want of a sufficient affidavit of defence. Assumpsit for unpaid calls on a stock subscription.
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Appeal, No. 127, Jan. T., 1892, by defendant, Joseph Leedom, from judgment of C. P. No. 2, Phila. Co., June T., 1891, No. 373, for want of a sufficient affidavit of defence. Assumpsit for unpaid calls on a stock subscription. The defendant had signed a subscription paper, a copy of which was annexed to the statement, which recited that the Spellier Electric Time Company was to be organized under the laws of the state of New Jersey, with an authorized capital of $200,000, divided into 20,000 shares of the par value of $10 each; that 3500 shares were to be issued to certain persons as part…
1Opinion of the Court
Opinion by
Mb. Justice Gbebn,
We are of the opinion that upon the facts set forth in the affidavit of defence in this case, a sufficient prima facie defence was alleged to carry the cause to a jury. The articles of association provided that the actual capital stock of the plaintiff company was to be $200,000 in 20,000 shares of $10 each. That of these, 3500 were to be paid, together with $18,000 in money, to the promoters for their patents and personal property, and that 16,500 shares were to be paid for in cash, and that business was to be commenced with $10,512.50, being 25 per cent, of the…
2Cited by1 opinion
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