Jewett v. Valley Railway Co.
Ohio Supreme Court
Error, to the Court of Common Pleas of Cuyahoga county. Reserved in the district court. The action was brought July 6,1874, on the subscription of A. A. Jewett to the capital stock of the Yalley Railway Company, and the questions presented relate to the validity of certain defenses interposed by him.
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Error, to the Court of Common Pleas of Cuyahoga county. Reserved in the district court. The action was brought July 6,1874, on the subscription of A. A. Jewett to the capital stock of the Yalley Railway Company, and the questions presented relate to the validity of certain defenses interposed by him. The Yalley Railway was incorporated under the laws of this state, with a capital stock of three millions of dollars, divided into shares of fifty dollars each; and, subsequently, the capital stock was increased. By the certificate of incorporation, dated August 17, 1871, the northern terminus was…
1Opinion of the CourtOkey, J.
Three questions are presented : 1. Can assessments be made and enforced on subscriptions for shares of the capital stock of a railroad corporation before the whole amount of stock, mentioned in the certificate of incorporation, has been subscribed ? In the absence of both legislation and express agreement on the subject, they can not. Salem Mill Dam Corp. v. Ropes, 6 Pick. 23; Hughes v. Antietam, etc., Man. Co., 34 Maryland, 316; Peoria, etc., R. Co. v. Preston, 35 Iowa, 115 ; Thompson’s Liability of Stock., § 120 ; Eield on Corp., § 80. In most states, however, provision has been made by…
2Cases cited6 opinions
- Hughes v. Antietam Manufacturing Co.Court of Appeals of Maryland · 1871
- City of Cincinnati v. RiceOhio Supreme Court · 1846
- Fox v. Allensville, Center Square, & Vevay Turnpike Co.Indiana Supreme Court · 1874
- Boston, Barre & Gardner Railroad v. WellingtonMassachusetts Supreme Judicial Court · 1873
- Peoria & Rock Island R. R. v. PrestonSupreme Court of Iowa · 1872
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