Townsend and Others v. Goewey
New York Supreme Court
This was an action of assumpsit, tried at the Albany circuit in October, 1837, before the Hon. John Willard, one of the circuit judges.
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This was an action of assumpsit, tried at the Albany circuit in October, 1837, before the Hon. John Willard, one of the circuit judges. On the 24th May, 1836, an association was formed in the city of Albany, for the purpose of building an Exchange, and articles of association were entered into, whereby the subscribers agreed to form themselves into a joint stock company, to be known as “ The Albany Exchange Com pany," for the purpose of purchasing a block in the city, and erecting thereon a building for the use of banking and insurance companies, &c. which should not only be ornamental, but…
1Opinion of the Court
By the Court,
Cowen, J.
The objection taken for the first lime on the argument, that this association was illegal as being in the nature of a corporation issuing scrips and providing for a transfer of its stock, is not well founded. The act of associating in this way is, we think, properly characterized, by the first exception taken on the trial. It constituted a partnership, valid as being formed for the purposes of a lawful and honest enterprize. Colly, on Part. 624, Am. ed. and the cases there cited.
It is, we think, clear that if this action will lie at all, it must be in the names of the…
2Cited by29 opinions
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- Barnes v. PerineNew York Supreme Court · 1850
- Casey v. BrushNew York Supreme Court · 1805
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