Emmitt v. Springfield, Jackson & Pomeroy Railroad
Ohio Supreme Court
Error to the Court of Common Pleas of Pike county* Reserved in the District Court. The defendant in error, a corporation organized to con¡struct and operate a railroad between the city of Springfield, in Clark comity, and the city of Pomeroy, in Meigs ■county, and running through Jackson, brought an action, in the court of common pleas, against the plaintiff in error to recover certain assessments or calls on a subscription made by him to its capital stock.
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Error to the Court of Common Pleas of Pike county* Reserved in the District Court. The defendant in error, a corporation organized to con¡struct and operate a railroad between the city of Springfield, in Clark comity, and the city of Pomeroy, in Meigs ■county, and running through Jackson, brought an action, in the court of common pleas, against the plaintiff in error to recover certain assessments or calls on a subscription made by him to its capital stock. The capital stock con•sisted of §2,000,000, divided into shares of §50 each. The plaintiff' subscribed for forty shares, the sum of…
1Opinion of the CourtBoynton, J.
There are many authorities that hold that no valid assessment or call can be made upon a subscription to the capital stock of a corporation, until the whole stock is taken, where the right to make the same is unaffected by contract, or by the statute.
Salem Mill-Dam Corporation v. Roper, 6 Pick. 23; Stoneman Br. R. R. Co. v. Gould, 2 Gray, 277; Troy R. R. Co. v. Newton, 8 Gray, 596; Contoocook Valley R. R. Co. v. Barker, 32 N. H. 370; Shultz v. The S. & I. R. R. Co., 9 Mich. 269; Sewey’s Island R. R. Co. v. Bolton, 48 Maine, 457; Summersett Railroad Company v. Clark, 61 Maine, 379; Hughes v.…
2Cases cited9 opinions
- Hughes v. Antietam Manufacturing Co.Court of Appeals of Maryland · 1871
- Fox v. Allensville, Center Square, & Vevay Turnpike Co.Indiana Supreme Court · 1874
- Peoria & Rock Island R. R. v. PrestonSupreme Court of Iowa · 1872
- Shurtz v. Schoolcraft & Three Rivers RailroadMichigan Supreme Court · 1861
- Iowa & Minnesota R. R. v. PerkinsSupreme Court of Iowa · 1869
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