Kelsey v. Northern Light Oil Co.
New York Supreme Court
1ITTE plaintiff alleges in substance, in his complaint, that . he became a subscriber to the capital stock of the Northern Light Oil Company 'of Hew York, upon the strength of certain representations alleged to have been made by the company that they owned certain property, and also upon the strength of a further representation, alleged to have been made by the company, that all subscribers, not finding the property as represented, could withdraw from the company.
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1ITTE plaintiff alleges in substance, in his complaint, that . he became a subscriber to the capital stock of the Northern Light Oil Company 'of Hew York, upon the strength of certain representations alleged to have been made by the company that they owned certain property, and also upon the strength of a further representation, alleged to have been made by the company, that all subscribers, not finding the property as represented, could withdraw from the company. He then alleges that the company did not own certain pieces of property which were thus represented to be owned by them; that the…
1Dissent
Mullin, J.,
(dissenting.) To entitle the plaintiff to recover in this action, it was incumbent upon him to prove that he had subscribed for 100 shares of the capital stock of the defendant and had paid for the same. If he purchased of some other party, or had not paid, this action must necessarily fail.
He proved, on the trial, a certificate concededly issued by the defendant’s officers, for 100 shares of stock, and he introduced the receipts of an officer for the amount to be paid therefor. Upon this evidence there could be no doubt but that the plaintiff was a subscriber for the stock of the…
2Cases cited3 opinions
- Bennett v. . JudsonNew York Court of Appeals · 1860
- Etting v. Bank of United StatesSupreme Court of the United States · 1826
- Thomas v. DickinsonNew York Supreme Court · 1856