Southern Insurance v. Milligan

Opinion op the Court by

Judge Carroll

Affirming in Part and Beversing in Part.

On September 7, 1911, tbe appellee, Milligan, subscribed for one hundred shares of the capital stock of the appellant, Southern Insurance Company, and signed two subscription papers, each being for fifty shares of stock and. each a duplicate of the other except as to the maturity of the notes given by appellee in payment of the subscription. The subscription paper reads:

“Stock subscribed to the Southern Insurance Co., Nashville, Tenn. Par value of each share, ten dollars. Surplus on each share, twenty dollars.…