Katama Land Co. v. Jernegan
Massachusetts Supreme Judicial Court
Contract upon an agreement signed by the defendant and others, to recover an assessment made by the plaintiff corpora tian on ten shares of stock standing in the name of the defendant. The parts of the agreement now material to be stated were as follows: “ Whereas, by act of the Legislature of Massachusetts in the year 1872, Erastus P. Carpenter, Joel hi.
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Contract upon an agreement signed by the defendant and others, to recover an assessment made by the plaintiff corpora tian on ten shares of stock standing in the name of the defendant. The parts of the agreement now material to be stated were as follows: “ Whereas, by act of the Legislature of Massachusetts in the year 1872, Erastus P. Carpenter, Joel hi. Hills, Grafton N. Collins, and Nathaniel M. Jernegan, their associates and successors, are created a corporation, under the name of the Katarna Land Company, for the purpose of purchasing, holding, improving, and disposing of land in the…
1Opinion of the CourtMorton, J.
It is the well settled law of this Commonwealth, that a subscription for shares in a corporation, authorized by law to lay assessments upon shares and to sell the shares for the nonpayment of such assessments, does not impose any personal liability upon the subscriber to pay assessments upon the shares, unless he has expressly promised to do so. Mechanics’ Foundry & Machine Co. v. Hall, 121 Mass. 272, and eases cited. This action, therefore, can only be maintained upon the ground that the subscription paper signed by the defendant binds him to pay the assessment sued for.
The subscription…
2Cases cited1 opinion
- Mechanics' Foundry & Machine Co. v. HallMassachusetts Supreme Judicial Court · 1876
3Cited by7 opinions
- New Haven Horse Nail Co. v. Linden Spring Co.Massachusetts Supreme Judicial Court · 1886
- Anglo-American Land, Mortgage & Agency Co. v. DyerMassachusetts Supreme Judicial Court · 1902
- Hollander v. HeaslipCourt of Appeals for the Fifth Circuit · 1915
- Baker v. Fort Worth Board of TradeCourt of Appeals of Texas · 1894
- Eaton v. Pacific National BankMassachusetts Supreme Judicial Court · 1887
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