Whitewater Tile & Pressed Brick Manufacturing Co. v. Baker
Wisconsin Supreme Court
Appeal from an order of tlie county court of Walworth county: Jay E. Lyon, Judge. This is an appeal from an order sustaining a general demurrer to the plaintiff^ complaint.
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Appeal from an order of tlie county court of Walworth county: Jay E. Lyon, Judge. This is an appeal from an order sustaining a general demurrer to the plaintiff^ complaint. The complaint alleged, in suhstance> that the plaintiff is a corporation duly organized by the filing of proper articles of .organization May 4, 1903, with an authorized capital stock of $20,000 divided into 200 shares of the par value of $100 each, more than fifty per cent of which was subscribed and more than twenty per cent thereof paid in; that the first meeting of stockholders was held May 16, 1903, and at such…
1Opinion of the CourtWinslow, C. J.
There is no express allegation that there was any overissue of stock, nor can that fact be legitimately inferred from anything stated in the complaint; therefore it must be assumed that the six shares of stock issued to the defendant were legally issued except for the fact that they were not paid for. The simple question presented, therefore, is whether the corporation may elect to affirm the transaction, treat the stock as valid, and sue the person who received the stock either for the par value or for the par value and the profits made by him on its resale.
As to the recovery of the par…
2Cases cited4 opinions
- Haynes v. Kenosha Electric Railway Co.Wisconsin Supreme Court · 1909
- Millis v. ThayerWisconsin Supreme Court · 1909
- First Avenue Land Co. v. ParkerWisconsin Supreme Court · 1901
- Shannon v. StevensonSupreme Court of Pennsylvania · 1896
3Cited by6 opinions
- Ramsay v. CrevlinCourt of Appeals for the Eighth Circuit · 1918
- State v. EisbachWisconsin Supreme Court · 1953
- Whitewater Tile & Pressed Brick Manufacturing Co. v. JohnsonWisconsin Supreme Court · 1920
- Ipswich Printing Co. v. EnglerSouth Dakota Supreme Court · 1935
- Restlawn Memorial Park Asso. v. SolieWisconsin Supreme Court · 1939
1 more not listed; retrieve them via the Exa API.