Planters' Warehouse Co. v. Sentelle

The bill was filed to collect a subscription to the capital stock of the complainant corporation in the sum of *355$1,000. The chancellor held the defendant liable; and he has appealed, assigning errors on several grounds.

The first point raised is that the capital stock was increased from $50,000 to $75,000 after the subscription had been made and without the consent of the defendant. The facts of this case do not bring it within the rule announced in Newport Cotton Mill v. Mims, 103 Tenn., 465, 53 S. W., 736, relied on by defendant, as it appears from the record that the capital stock was…