Kelly v. Central Union Fire Insurance

The opinion of the court was delivered by

Dawson, J.:

This appeal relates to matters which transpired during the formative period of the defendant’s corporate existence and requires a review of certain transactions relating to plaintiff’s purchase of subscription shares of defendant’s stock; the surrender and cancellation of plaintiff’s stock to extinguish an overissue of capital stock; the partial payment to plaintiff for her surrendered stock, and the question of the defendant’s liability to plaintiff for the balance of the agreed price, or reasonable value, of plaintiff’s stock thus…