Dallas Cotton & Woolen Mills v. Clancey

Opinion by

Willson, J.

§ 194. Failure of consideration; insufficient plea of by subscriber to shares of stock in corporation; case stated. Appellant sued appellee upon his promissory note for $200, and a trial of the cause resulted in a judgment for appellee, sustaining his plea of failure of consideration. Appellee’s plea of failure of consideration was, in •substance, that said note was executed by him in payment of his subscription for two shares of stock of par value of $100 each, said subscription contract being as *294follows: “ Dallas, Texas, May 26, 1887. We hereby obligate ourselves to…