Ryle v. Manchester Building & Loan Ass'n
Supreme Court of New Jersey
On writ of error to the Passaic Circuit Court. This was an action upon contract brought in the Circuit Court in and for the county of Passaic by the defendant in error against the plaintiff in error.
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On writ of error to the Passaic Circuit Court. This was an action upon contract brought in the Circuit Court in and for the county of Passaic by the defendant in error against the plaintiff in error. The declaration contained the common counts for money, and annexed thereto was a notice substantially as follows: “This action is brought to recover the amount due to the plaintiff from the defendant for the value of Jive shares in the stock of the defendant corporation, belonging to the plaintiff and being in the sixth series, 1893, which matured October 1st, 1904, which value, to wit, the sum…
1Opinion of the Court
*844The opinion of the court (the foregoing statement of the case having been made) was delivered by
Green, J.
This action was brought to recover the matured value of live shares in the stock of the defendant association. The defence was a previous payment thereof to the plaintiff’s authorized agent.
It has been said that a shareholder cannot sue at law for the recovery of the value of full-paid stock, but must proceed in equity. End. Build. Asso. (2d ed.), §§ 117, 118. This notion has some countenance in Campbell, Receiver, v. Perth Amboy Association (1901), 38 Vroom 71, but it is now settled in…
2Cases cited2 opinions
- Dowden v. CryderSupreme Court of New Jersey · 1893
- Campbell v. Perth Amboy Mutual Loan, Homestead & Building Ass'nSupreme Court of New Jersey · 1901
3Cited by17 opinions
- Autio v. MillerMontana Supreme Court · 1932
- Ritter v. HicksWest Virginia Supreme Court · 1926
- Aiken v. MetcalfSupreme Court of Vermont · 1916
- Elgin Dairy Co. v. ShepherdIndiana Supreme Court · 1915
- Bregman Screen & Lumber Co. v. BechefskyNew Jersey Superior Court Appellate Division · 1951
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