Wiseola Co. of United States v. Moore
Supreme Court of Alabama
Appeal from Jefferson Chancery Court. Heard before Hon. A. H. Benners. Bill by O. J. Moore against the Wiseola Company of U. S. A. to cancel and annul a contract of subscription for certain shares of stock. From a decree overruling; demurrers to the bill, respondent appeals.
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Appeal from Jefferson Chancery Court. Heard before Hon. A. H. Benners. Bill by O. J. Moore against the Wiseola Company of U. S. A. to cancel and annul a contract of subscription for certain shares of stock. From a decree overruling; demurrers to the bill, respondent appeals. The bill did not make a sufficient case of fraud to entitle complainant to a rescission.—10 Cyc. 437, 430. In accordance with the analogy furnished by the statute of limitations any right complainant had is lost by laches.—§ 3091, Code 1907 ; Fowler v. Ala. I. & S. Co.., 164 Ala. 414. The demurrers were speaking demurrers…
1Opinion of the CourtMayfield, J.
Appellee filed the bill in this case to annul and cancel a contract of subscription for 100' *164shares of stock in the appellant corporation. The bill sought to have the contract of subscription canceled upon the ground of fraud practiced upon complainant, by the corporation, or its agents, through fraudulent representations made to him. The false representation alleged was that the corporation had a paid-up capital stock of $25,000; it being averred by complainant that the only paid-up capital consisted of certain property, of the value of $6,000, by the' promoters transferred and conveyed to…
2Cited by1 opinion
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