Mt. Sterling Coalroad Co. v. Little
Court of Appeals of Kentucky
Case 1 — PETITION ORDINARY APPEAL PROM MONTGOMERY CIRCUIT COURT. 1.An agreement to subscribe for stock, if accepted, is binding and enforeible (2 Bouvier’s Law Die., p. 388, “Proposal”), although the corporation was not organized. (17 B. Mon. 48.) 1. The petition was defective, because it did not aver a promise to pay the subscription when made.
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Case 1 — PETITION ORDINARY APPEAL PROM MONTGOMERY CIRCUIT COURT. 1.An agreement to subscribe for stock, if accepted, is binding and enforeible (2 Bouvier’s Law Die., p. 388, “Proposal”), although the corporation was not organized. (17 B. Mon. 48.) 1. The petition was defective, because it did not aver a promise to pay the subscription when made. (Huffaker, &c. v. National Bank of Monticello, 12 Bush, 290.) 2. The agreement being a mere proposition to subscribe upon certain conditions after the obtention of the charter and organization of the company is not enforeible. (Thrasher, &c. v. Pike…
1Opinion of the Court
JUDGE ELLIOTT
delivered the opinion op the court.
Th?t action was brought by appellant on the following writing:
“ The undersigned propose to subscribe for the number of shares of $50 each to the capital stock of the Mt. Sterling Coalroad Company, when the charter shall have been obtained and the company organized, provided that the company receives our subscription, payable as follows, viz. ten per cent on or-before February 1, 1874, and by calls not exceeding ten per cent per month thereafter until paid. ¥m. Little, ten shares.”
By the plaintiff's petition this instrument signed by appelpellee…
2Cases cited1 opinion
- Strasburg Railroad v. EchternachtSupreme Court of Pennsylvania · 1853
3Cited by1 opinion
- Stone v. Monticello Construction Co.Court of Appeals of Kentucky · 1909