Jefferson County Savings Bank v. Compton
Supreme Court of Alabama
Appeal from Marengo Law and Equity Court. Heard before Hon. Edward J. Gilder. Assumpsit by the Jefferson County Savings Bank against J. H. Compton. Judgment for defendant, and plaintiff appeals. The action was on a negotiable promissory note payable to Planters’ Co'-operative Stores Company, and by them transferred to the plaintiff before maturity for value. Plea 2 is that the note sued on is without consideration.
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Appeal from Marengo Law and Equity Court. Heard before Hon. Edward J. Gilder. Assumpsit by the Jefferson County Savings Bank against J. H. Compton. Judgment for defendant, and plaintiff appeals. The action was on a negotiable promissory note payable to Planters’ Co'-operative Stores Company, and by them transferred to the plaintiff before maturity for value. Plea 2 is that the note sued on is without consideration. Plea 8 is, in material substance, that the only consideration for the note ivas the promise to issue shares of the capital stock of the payee company to the defendant, “and said…
1Opinion of the Court
SOMERVILLE, J.(1) In an action by a corporation on a promissory note given by a subscriber in settlement of his subscription “it will be no defense that the corporation failed to deliver to defendant a certificate of his shares, since the certificate does not consti-. tute the shares, but is merely an evidence or muniment of his title, especially where the subscriber has not demanded the certificates and the corporation has not refused to deliver them.” — 10 Cyc. 526 (VII), and cases cited. See, also, Birmingham Nat. Bank v. Roden, 97 Ala. 404, 407, 11 South. 883: Galbraith v. McDonald, 123…
2Cases cited6 opinions
- Galbraith v. McDonaldSupreme Court of Minnesota · 1913
- Corbin v. SistrunkSupreme Court of Alabama · 1851
- Barlow v. FlemmingSupreme Court of Alabama · 1844
- Birmingham National Bank v. RodenSupreme Court of Alabama · 1892
- Booth v. Dexter Steam Fire Engine Co.Supreme Court of Alabama · 1897
1 more not listed; retrieve them via the Exa API.
3Cited by22 opinions
- Lowe v. CopelandCalifornia Court of Appeal · 1932
- Jackson v. SampleSupreme Court of Alabama · 1937
- Gill Printing Co. v. GoodmanSupreme Court of Alabama · 1932
- Walls v. Decatur Fertilizer Co.Supreme Court of Alabama · 1926
- Mid-Continent Life Ins. Co v. BeasleySupreme Court of Alabama · 1918
17 more not listed; retrieve them via the Exa API.