M. D. Wells & Co. v. Thompson Manufacturing Co.
Missouri Court of Appeals
Appeal from the Greene Circuit Court. : Among the condition of the defendant’s subscription was one that the capital stock should all be bona■ fide subscribed and one half thereof paid up in lawful money. Revised Statutes, 1889, sec. 2768. This requirement is declared by the authorities to be condition precedent, the performance of which must be shown before the subscriber shall become a stockholder, or liable for his subscription.
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Appeal from the Greene Circuit Court. : Among the condition of the defendant’s subscription was one that the capital stock should all be bona■ fide subscribed and one half thereof paid up in lawful money. Revised Statutes, 1889, sec. 2768. This requirement is declared by the authorities to be condition precedent, the performance of which must be shown before the subscriber shall become a stockholder, or liable for his subscription. Haskell v. Worthington, 94 Mo. 560, 572, 573; Railroad v. Swartz, 53 Cal. 110; Wells <& Co. v. Jones, 41 Mo. App. 1, 13; Waite on Insolvent Corporations, sec. 608;…
1Opinion of the CourtRombaueb, P. J.
— Tbe plaintiffs recovered a judgment against tbe defendant company, on wbicb an execution was issued and returned nulla bona. They thereupon moved for an execution against tbe defendant Foley under tbe provisions of section 2517 of tbe Revised Statutes of 1889. Upon tbe trial of this motion, there was evidence tending to show that Foley held two shares of stock of tbe par value of $5.0 each in tbe insolvent corporation, on wbicb be bad paid $10 and no more, and that be bad executed bis notes to tbe corporation for tbe residue. Tbe plaintiffs produced and surrendered tbe notes upon tbe trial…
2Cases cited6 opinions
- Skrainka v. AllenSupreme Court of Missouri · 1882
- Schaeffer v. Missouri Home InsuranceSupreme Court of Missouri · 1870
- McDermott v. DoneganSupreme Court of Missouri · 1869
- Skrainka v. AllenMissouri Court of Appeals · 1879
- Ollesheimer v. Thompson Manufacturing Co.Missouri Court of Appeals · 1891
1 more not listed; retrieve them via the Exa API.
3Cited by2 opinions
- Sargent v. American Bank & Trust Co.Oregon Supreme Court · 1916
- Chrisman-Sawyer Banking Co. ex rel. Simpson v. Independence Wool Manufacturing Co.Supreme Court of Missouri · 1902