Melville v. Rhodes

— This action was brought by the receiver of an insolvent corporation to recover on what may be called the balance due on a stock subscription, for it was in effect that. The trial was to the court without a jury, and resulted in findings of. fact, conclusions of law and a judgment in favor of the plaintiff. From this judgment, the defendant appeals.

On or about the 24th day of November, 1916, a corporation was formed with the name of the Thrift Club. The articles provided, among other things:

“That the capital stock of said corporation shall be One Hundred Dollars ($100) divided into One…