Citizens & Miners Savings Bank & Trust Co. v. Gillespie
Supreme Court of Pennsylvania
Error to the Court of Common Pleas of Laehawanna county: Of January Term 1887, No. 30. Assumpsit by The Citizens’ and Miners’ Savings Bank and Trust Co. to the use of W. D. Kennedy and F. B. Silkman, assignees for the benefit of creditors of said bank, against James W. Gillespie, to recover the balance due on a subscription to the stock of said bank. Plea, non-assumpsit, payment set-off with leave.
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Error to the Court of Common Pleas of Laehawanna county: Of January Term 1887, No. 30. Assumpsit by The Citizens’ and Miners’ Savings Bank and Trust Co. to the use of W. D. Kennedy and F. B. Silkman, assignees for the benefit of creditors of said bank, against James W. Gillespie, to recover the balance due on a subscription to the stock of said bank. Plea, non-assumpsit, payment set-off with leave. On the trial, before Archbald, J., the following facts appeared: The Citizens’ and Minei’s’ Savings Bank and Trust Company was incorporated by Act of Assembly, approved April 13th, 1872. It was…
1Opinion of the CourtJustice Paxson
While the assignments of error in this case are numerous, the questions involved are but few, and those easily disposed of; and we may remark at the outset that we need not discuss *572the question whether the defendant, as the transferee of stock, was liable for the unpaid subscription, for the reason that, in point of fact, he assumed the liability of an original shareholder by his subscription or agreement of April 12th, 1873. This established a direct contractual relation between the defendant and the company upon' which he is as liable to a suit as if he had been an original subscriber. This…
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