Hudson Real Estate Co. v. Tower
Massachusetts Supreme Judicial Court
Contract to recover the amount of a subscription by the defendants, who were copartners, toward the erection of a factory. At the trial in the Superior Court, before Hammond, J., it appeared that the defendants signed the subscription paper in question.
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Contract to recover the amount of a subscription by the defendants, who were copartners, toward the erection of a factory. At the trial in the Superior Court, before Hammond, J., it appeared that the defendants signed the subscription paper in question. In defence they offered to show that one Harriman, as a solicitor of subscriptions for the capital stock of the corporation which was to be formed at some time after the subscription was made, asked the defendant Herman C. Tower to subscribe; that Tower said that, if the subscribers were going to mortgage tlie property to be bought with the…
1Opinion of the CourtAllen, J.
At the time when the defendant signed the subscription paper declared on, it was not a contract, for want of a contracting party on the other side; but it has now been established that a subscription of this sort becomes a contract with the corporation when the corporation has been organized, and in this way the objection of the want of a proper contracting party is finally avoided, provided everything goes on as contemplated without any interruption. Until the organization of the corporation, the subscription is a • mere proposition or offer, which may be withdrawn, like any other unaccepted…
2Cases cited3 opinions
- Trustees of Phillips Limerick Academy v. DavisMassachusetts Supreme Judicial Court · 1814
- Athol Music Hall Co. v. CareyMassachusetts Supreme Judicial Court · 1875
- Tipton v. ChambersCourt of Appeals of Kentucky · 1859
3Cited by16 opinions
- Samia v. Central Oil Co. of WorcesterMassachusetts Supreme Judicial Court · 1959
- Johnson-Foster Co. v. D'Amore Construction Co.Massachusetts Supreme Judicial Court · 1943
- L. E. Fosgate Co. v. Boston Market Terminal Co.Massachusetts Supreme Judicial Court · 1931
- Bryant's Pond Steam Mill Co. v. FeltSupreme Judicial Court of Maine · 1895
- Hudson Real Estate Co. v. TowerMassachusetts Supreme Judicial Court · 1894
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