Val Verde Hotel Co. v. Hubbell

OPINION OP THE COURT.

DAVIS, J.

This is an action by the Val Verde Hotel Company upon a subscription made to its stock by Frank A. Hubbell. The issue was presented under a demurrer to an affirmative defense set up in the answer. The complaint alleged the incorporation of the company with an authorized capital stock of $75,000, and that the defendant subscribed for 10 shares at $100 a share, the par value, to be paid at certain specified times, the subscription signed by him and by other parties being in the following form :

“We, the undersigned, subscribe and agree to pay for the number of…