Shannon v. Stevenson
Supreme Court of Pennsylvania
Appeal, No. 395, Jan. T., 1895, by defendant, from judgment of C. R. No. 3, Philadelphia Co., Sept. T., 1893, No. 359, on verdict for plaintiff. Assumpsit on a stock subscription. At the trial it appeared that the suit was brought upon a. subscription for twenty shares of the capital stock of the Cooperative Real Estate Company, at $50.00 per share. In the application for the charter, defendant appeared as subscribing for twenty shares.
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Appeal, No. 395, Jan. T., 1895, by defendant, from judgment of C. R. No. 3, Philadelphia Co., Sept. T., 1893, No. 359, on verdict for plaintiff. Assumpsit on a stock subscription. At the trial it appeared that the suit was brought upon a. subscription for twenty shares of the capital stock of the Cooperative Real Estate Company, at $50.00 per share. In the application for the charter, defendant appeared as subscribing for twenty shares. Defendant offered to prove that at the time he became president of the corporation plaintiff he was employed at the Commonwealth Title Company of…
1Opinion of the Court
Opinion by
Mr. Justice Mitchell,
The offer of evidence by defendant should have been admitted. The suit was for the unpaid balance of a cash subscription to stock, and the offer was to show that no subscription in cash was made by defendant, but on the contrary that paid-up stock was to be given him in compensation for services. There is no inherent incapacity of a corporation to purchase property or labor and pay for it by stock instead of money. If the corporation here had paid defendant $1,000 in cash to leave his former situation and undertake its presidency, on condition that he invest the…
2Cited by8 opinions
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- Zweifach v. SCRANTON LACE COMPANYDistrict Court, M.D. Pennsylvania · 1957
- Whitewater Tile & Pressed Brick Manufacturing Co. v. BakerWisconsin Supreme Court · 1910
- Bole v. MurraySupreme Court of Pennsylvania · 1912
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