Legal Opinion

McGinnis v. Kortkamp

Missouri Court of Appeals

Decided January 18, 1887PublishedCited by 2 opinions

Appeal from the St. Louis Circuit Court, Amos M. Thayer, Judge. “Where a subscription, on its face, is made conditional on the doing of a certain act by the corporation, unless the condition is performed there is no contract, and the subscriber can not be held to the liability of a shareholder.” Thompson on the Liability of Stockholders, sect. 116; 5 Wait’s Actions and Defences, 275, 276, 277, and cases cited; Abbot’s Dig.

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1Opinion of the CourtLewis, P. J.

The plaintiff is the holder of six coupons issued by the St. Louis County Railroad Company, a corporation whose property was sold when it became insolvent and ceased to do business, in June, 1877. This suit was commenced before a justice of the peace, on June 3, 1885. The coupons were for thirty-five dollars each, and only one of them matured and became payable within five years before the commencement of the suit. Judgment was rendered for the plaintiff on this coupon in the circuit court, on appeal.

The defendant sets up the statute of limitations, and claims that this began to run in his…

2Cases cited3 opinions

McDermott v. DoneganSupreme Court of Missouri · 1869
McGinnis v. BarnesMissouri Court of Appeals · 1886
North Missouri Railroad v. WinklerSupreme Court of Missouri · 1860

3Cited by2 opinions

Pitman v. BallMissouri Court of Appeals · 1910
Drake Hotel Co. v. CraneMissouri Court of Appeals · 1922