Skowhegan & Athens Railroad v. Kinsman
Supreme Judicial Court of Maine
On report. Assumpsit on subscription to stock in the plaintiff corporation. The opinion states the material facts. cited: K. & P. R. R. Go. v. Jarvis, 34 Maine, 360 ; Same v. Palmer, 34 Maine, 366; Same v. Waters, 34 Maine, 369 ; Somerset R. R. Go. v. Glarhe, 61 Maine, 379; Penobscot R. R. Go. v. Rummer, 40 Maine, 172; P. <& K. R. R. Go. v. Dunn, 39 Maine, 587; Same v. Bartlett, 12 Gray, 244. Before this action can be maintained the plaintiff must show that the number of…
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On report. Assumpsit on subscription to stock in the plaintiff corporation. The opinion states the material facts. cited: K. & P. R. R. Go. v. Jarvis, 34 Maine, 360 ; Same v. Palmer, 34 Maine, 366; Same v. Waters, 34 Maine, 369 ; Somerset R. R. Go. v. Glarhe, 61 Maine, 379; Penobscot R. R. Go. v. Rummer, 40 Maine, 172; P. <& K. R. R. Go. v. Dunn, 39 Maine, 587; Same v. Bartlett, 12 Gray, 244. Before this action can be maintained the plaintiff must show that the number of shares have been legally fixed, and that the number so fixed have been subscribed for by responsible parties in good faith.…
1Opinion of the CourtEmery, J.
A person by simply subscribing for shares in a corporation, without words of promise to pay, assumes only the *371obligations imposed by law on such subscriber. He is understood’, to have agreed to assume a certain percentage of the responsibility of the enterprise, on condition that the amount of the-responsibility be made certain and the remaining percentage be-assumed by responsible parties. He can require that the fulll amount of capital agreed upon or established by the charter as-necessary for success, shall be engaged before ho pays in his-part. He is only obliged to pay legal assessments,…
2Cases cited2 opinions
- Chubb v. UptonSupreme Court of the United States · 1877
- Boston, Barre & Gardner Railroad v. WellingtonMassachusetts Supreme Judicial Court · 1873
3Cited by3 opinions
- Milwaukee Brick & Cement Co. v. SchoknechtWisconsin Supreme Court · 1901
- Stearns v. SoprisColorado Court of Appeals · 1894
- Stearns v. SoprisColorado Court of Appeals · 1894