Georgia Life Insurance v. Lasseter
Court of Appeals of Georgia
Complaint; from city court of Greenville — Judge Revill. January 19, 1915. The defendant pleaded that the consideration of the note sued on had failed because the note was for the balance of the purchase-price of two shares of stock in the plaintiff corporation, for which certificates were to be issued to him, and that the plaintiff did not issue or offer to issue and deliver such a certificate to him.
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Complaint; from city court of Greenville — Judge Revill. January 19, 1915. The defendant pleaded that the consideration of the note sued on had failed because the note was for the balance of the purchase-price of two shares of stock in the plaintiff corporation, for which certificates were to be issued to him, and that the plaintiff did not issue or offer to issue and deliver such a certificate to him. On the trial the stock-subseription, the material part of which is set out in the decision, was introduced in evidence, together with the certificate for the two shares of stock. The…
1Opinion of the CourtRussell, C. J.
The defendant subscribed for two shares of the capital stock of the plaintiff company at the price of $200 per share. He paid $100 in cash and gave his note for $300. The subscription signed by him stipulated that “as soon as this subscription. is accepted by the company, a certificate for said stock shall be issued to me by the company, showing that the same is full paid and non-assessable.” The subscription was accepted, and the stock-certificate was duly executed by the proper corporate officers, but it was never sent to the defendant by the company. The company brought suit on the note,…
2Cases cited6 opinions
- Scott v. AbbottCourt of Appeals for the Eighth Circuit · 1908
- American Bridge Co. v. WheelerWashington Supreme Court · 1904
- Sylvania Girard Railroad Co. v. HogeSupreme Court of Georgia · 1907
- Folks v. YostMissouri Court of Appeals · 1893
- Fulgam v. Macon & Brunswick RailroadSupreme Court of Georgia · 1872
1 more not listed; retrieve them via the Exa API.
3Cited by1 opinion
- Walton v. Arkansas Construction CommissionSupreme Court of Arkansas · 1935