Francis Marion Hotel v. Chicco

The opinion of the Court was delivered by

Mr. Acting Associate Justice W. C. Cothran.

As these two cases are in all respects similar, except as to the amounts claimed, our decision will be confined to the first case only, it being understood that our conclusion applies with equal force to the second case also.

In December, 1919, the defendant signed a subscription to the capital stock of the plaintiff for 10 shares of the par value of $100 each. Payment was to be made as follows: Twenty per cent, upon organization and the balance in payments not exceeding 10 per cent, at intervals of not less…