Chilhowie Iron Co. v. Gardiner
Supreme Court of Virginia
Appeal from decree of circuit court of Smyth county, rendered 25th April, 1882, in the cause of Thomas E. Gardiner against the Chilhowie Iron Company.
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Appeal from decree of circuit court of Smyth county, rendered 25th April, 1882, in the cause of Thomas E. Gardiner against the Chilhowie Iron Company. The object of the suit was to compel specific performance of a parol contract made with said company by said Gardiner for the sale of a tract of two thousand acres of land, the property of Gardiner's wife, for $10,000, in the stock of the said company at par, there having been partial performance of the contract by the delivery of possession of the land, and the exercise of ownership over it by the company in cutting timber, putting a tenant on…
1Opinion of the CourtLacy, J.
In 1872, the appellant was chartered, and in the month of January, 1873, organized by the election of officers and adoption of by-laws.
The appellee being one of the subscribers, subscribed $10,000, and at the said meeting of the said company it was resolved, that the president be authorized to purchase the iron property of Thomas E. Gardiner, situated near Marion, at the price of $10,000, payable in the stock of the company at par, the stock to be issued as soon as the deed is made. It was then ordered that the treasurer call on the stockholders of the company who have not paid for their…
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