Thronson v. Universal Manufacturing Co.
Wisconsin Supreme Court
Appeal from a judgment of tbe circuit court for Bacine county: Geobge ClekeNtsoN, Judge. An equitable action to rescind the sale of 134 shares of the corporate stock of defendant company on the ground of fraud.
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Appeal from a judgment of tbe circuit court for Bacine county: Geobge ClekeNtsoN, Judge. An equitable action to rescind the sale of 134 shares of the corporate stock of defendant company on the ground of fraud. The claim of plaintiff, was that he was induced to purchase stock of a corporation by false representations made in its behalf, particularly, by defendant Ernest H. Bmieding as manager, paying for such stock $10,000. Plaintiff sought to avoid the sale and to recover back the sum paid. The alleged grounds of fraud are, briefly, as follows: February 2, 1914, Ernest H. Bmieding, as…
1Opinion of the CourtMaeshall, J.
It is considered that appellant was properly denied relief, irrespective of whether the trial court reached the right conclusion in respect to whether he was induced to purchase the stock by false representations of material facts.
It is undisputed that appellant purchased original stock from the corporation and the certificate therefor was issued to him for less than par value. Sec. 1153, Stats., provides as follows:
“No corporation shall issue any stock or certificate of stock except in consideration of money or of labor or property estimated at its true money value, actually received by it,…
2Cases cited6 opinions
- Connolly v. Union Sewer Pipe Co.Supreme Court of the United States · 1902
- Stevens v. PrattIllinois Supreme Court · 1881
- Clarke v. Lincoln Lumber Co.Wisconsin Supreme Court · 1884
- Floyd v. National Loan & Investment Co.West Virginia Supreme Court · 1901
- Pearson v. KellyWisconsin Supreme Court · 1904
1 more not listed; retrieve them via the Exa API.
3Cited by9 opinions
- State ex rel. Progreso Development Co. v. Wisconsin Real Estate Brokers BoardWisconsin Supreme Court · 1930
- Frey v. Geuder, Paeschke & Frey Co.Wisconsin Supreme Court · 1958
- Evans v. Ideal Brick & Brikcrete Manufacturing Co.Supreme Court of Oklahoma · 1955
- Turner v. GoetzWisconsin Supreme Court · 1924
- State ex rel. Standard Oil Co. v. HullWisconsin Supreme Court · 1918
4 more not listed; retrieve them via the Exa API.