Hogg's Appeal
Supreme Court of Pennsylvania
Appeal from the Court of Common Pleas of Fayette county: Of October and November Term 1878, No. 228. The Brownsville Railway Company was organized and incorporated under the Railroad Law of April 4th 1868, and the supplement thereto.
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Appeal from the Court of Common Pleas of Fayette county: Of October and November Term 1878, No. 228. The Brownsville Railway Company was organized and incorporated under the Railroad Law of April 4th 1868, and the supplement thereto. On September 22d 1875, George E. Hogg subscribed his name to the articles of association of said company, and took two hundred shares of the capital stock of said corporation at §50 each, amounting to the sum of §10,000. The capital stock was duly called in by the board of directors of said company, and Hogg made payments on his subscription from time to time…
1Opinion of the Court
The judgment of the Supreme Court was entered November 28th 1878,
Per Curiam.-
We think that in equity, while George E. Hogg is debtor for his stock to a greater amount than his claim against the railroad company, he cannot ask payment of his debt from it. The sale of the railroad property and franchises did not pass to the purchaser the debts or mere choses in action due to. the company from others. As between the company and a subscriber to stock, the subscription is a debt collectable by ordinary suit. The distribution was properly made according to the principles stated in Bayard’s Case, 20…
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