Snodgrass v. Zander & Co.
Supreme Court of Arkansas
Appeal from Benton Circuit Court; J. S. Maples, Judge; STATEMENT OE EACTS. Appellee brought suit against appellants and five others, who did not appeal here, in justice court, alleging that each of the said appellants was indebted to it in the sum of $100 for subscriptions to the capital stock of the corporation. It alleged in the complaint against Gr.
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Appeal from Benton Circuit Court; J. S. Maples, Judge; STATEMENT OE EACTS. Appellee brought suit against appellants and five others, who did not appeal here, in justice court, alleging that each of the said appellants was indebted to it in the sum of $100 for subscriptions to the capital stock of the corporation. It alleged in the complaint against Gr. M. Snodgrass that he was likewise indebted to it in the sum of $100 on subscription to the capital stock, which stock he had accepted and given his check in payment for, but had thereafter stopped payment of the check. Appellants filed an…
1Opinion of the Court
Kirby, J.,
(after stating the facts). No question was made at the trial that appellee had no right to bring the suit because of an alleged assignment of the contract of stock subscription and it can not be insisted upon here.
The preliminary stock subscription contract was signed by the subscribers thereto and constituted a valid agreement to take the stock upon which the corporation after its formation and the issuance of the preferred stock could maintain an action against the subscribers for the amount in payment. 10 Cyc. 388-392; Woodruff v. McDonald, 33 Ark. 102; Miss. O. & R. Ry. Co. v.…
2Cases cited3 opinions
- Peninsular Railway Co. v. DuncanMichigan Supreme Court · 1873
- Mississippi, Ouachita & Red River R. R. v. CrossSupreme Court of Arkansas · 1859
- Nulton v. ClaytonSupreme Court of Iowa · 1880
3Cited by4 opinions
- Gill Printing Co. v. GoodmanSupreme Court of Alabama · 1932
- McNatt v. CommissionerUnited States Tax Court · 1962
- Nowlin v. Memphis Packing Corp.Supreme Court of Arkansas · 1923
- Thomas v. Arkansas State Fair Assn.Supreme Court of Arkansas · 1930