Bank of Montgomery v. Reese
Supreme Court of Pennsylvania
Error to the Common Pleas of Montgomery county. Morgan Reese, the plaintiff, was on the 24th day of May, 1850, the owner of 82 shares in the capital stock of the Montgomery County Bank. Up to that day he had not paid in his stock in full; on 51 shares he had paid $40 per share, on 16th May, 1836 ; and on 31 shares, $20 per share, which was of the second series of stock.
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Error to the Common Pleas of Montgomery county. Morgan Reese, the plaintiff, was on the 24th day of May, 1850, the owner of 82 shares in the capital stock of the Montgomery County Bank. Up to that day he had not paid in his stock in full; on 51 shares he had paid $40 per share, on 16th May, 1836 ; and on 31 shares, $20 per share, which was of the second series of stock. These were all the payments which had been demanded by the Bank, up to the 14th April, 1849, when there was a call for $10 on each share for which $40 had been paid in, and for $30 per share on the other, to be paid on or…
1Opinion of the Court
The judgment of the court was delivered by
Lewis, 0. J.
Morgan L. Reese, as one of the stockholders of the bank of Montgomery, was entitled to a portion of the unsold capital stock. His right was as valid as that of a tenant in common of real estate to his purpart on a partition. The corporation was a trustee for the stockholders, but in disregard of the duties of the trust, in distributing this stock it deprived Mr. Reese of the number of shares to which he was entitled. He has established his right in this action. The court advised the jury, to allow him the highest price of the stock between…
2Cited by15 opinions
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- Gervis v. KaySupreme Court of Pennsylvania · 1928
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