Allen v. Ryan

This is an action by the trustee in bankruptcy of the American Railway Brotherhood Association, Inc., to recover from the defendant the balance of an unpaid subscription for stock in said corporation.

After the certificate of incorporation was filed the corporation received subscriptions to its capital stock from Various persons *635including the defendant. He subscribed for twenty shares of the par value of five dollars each, and paid ten dollars at the time, that being ten per cent of the amount subscribed by him as required by section 53 of the Stock Corporation Law of 1909 (now section 67 of…