Southern Trust & Safe Deposit Co. v. Yeatman

BUFFINGTON, District Judge.

This was an action by a corporation chartered by the state of Maryland to collect an alleged unpaid subscription to its capital stock. There is no allegation of insolvency, and the rights of creditors are not involved. The contract of stock subscription, dated April 19, 1901, on which the suit is based, is marked “Paid,” and a cotemporaneous paper explains the mode of payment. This paper, signed by one Sherman, through whom the subscription was obtained, and who became the secretary of the plaintiff on its organization, later, and which witnessed the contract by…