Payson v. Withers
U.S. Circuit Court for the District of Indiana
This was an action by Joseph K. Payson, assignee of the Itepublic Fire Insurance Company of Chicago, Illinois, against Warren H. Withers, to recover an assessment of $00 made on each of the ten shares of capital stock of the said insurance company held by him.
1Opinion of the Court
DIIUMMOND, Circuit Judge.
The cause of action, as set forth in the complaint, is, that on the 30th of July, 1S6S, the defendant became owner of ten shares of capital stock of the insurance company, and that the stock was issued and taken by the defendant upon the condition that twenty per cent, was to be paid in cash, and eighty per cent, was to be paid in case losses rendered its payment necessary; that these were the terms of the charter, and the conditions upon which the defendant became a subscriber to ten shares of the stock; and a certificate of stock for these shares was accordingly…
2Cited by16 opinions
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- Duffield v. E. T. Barnum Wire & Iron WorksMichigan Supreme Court · 1887
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