Huxtable v. Shumate

On March 20, 1916, appellee subscribed for ten shares of the capital stock of the Spring Hill Mining Company, an Indiana corporation which had been organized February 16, 1916. The subscription contract executed by appellee contained a recital that the corporation was to have a capital stock of $50,000 divided into five hundred shares of $100 each, and that the purpose of the corporation was that of prospecting and mining in the State of Wisconsin. Oh January 28, 1918, the company was declared a bankrupt, and appel*295lants appointed trustees in bankruptcy. Appellee having refused to pay for the…