Nulton v. Clayton
Supreme Court of Iowa
Appeal from Davis District Court. Action to recover upon an alleged subscription to tlie stock of a banking corporation. The question arises upon demurrer to tlie petition, tlie defendant claiming that the petition does not show that the defendant became a subscriber to the stock in such sense that he became obligated to take and pay for it. The corporation is the Farmers’ & Merchants’ Bank of Bloomfield. The plaintiff is the assignee of the corporation.
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Appeal from Davis District Court. Action to recover upon an alleged subscription to tlie stock of a banking corporation. The question arises upon demurrer to tlie petition, tlie defendant claiming that the petition does not show that the defendant became a subscriber to the stock in such sense that he became obligated to take and pay for it. The corporation is the Farmers’ & Merchants’ Bank of Bloomfield. The plaintiff is the assignee of the corporation. The petition avers that the capital stock was divided into shares of one hundred dollars each, and that the defendant subscribed for ten…
1Opinion of the Court
Adams, Cm J.
l. corporascriptiou to stock: contract. The action is brought to recover one-half of the amount of the alleged subscription, the other half having already boon paid. The defendant insists that it is not shown that he contracted to pay any sum - m1 , , > , " 17 whatever. Ihe defendant did not become a stockholder by subscribing the articles of incorporation. If he became such he did so by subscribing what wo have denominated the statement. The more important portion of it is the third division. That is a declaration purporting to bo made by the associated, persons showing each his…
2Cases cited3 opinions
- Spear v. CrawfordNew York Supreme Court · 1835
- Dayton v. . BorstNew York Court of Appeals · 1865
- Waukon & Mississippi R. v. DwyerSupreme Court of Iowa · 1878
3Cited by9 opinions
- Jackson v. TraerSupreme Court of Iowa · 1884
- Rutenbeck v. HohnSupreme Court of Iowa · 1909
- Calumet Paper Co. v. Stotts Investment Co.Supreme Court of Iowa · 1895
- McKinley v. Lucas CountySupreme Court of Iowa · 1932
- Coppage v. HuttonIndiana Supreme Court · 1890
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