Herkimer Manufacturing & Hydraulic Co. v. Small
New York Supreme Court
Demurrer to plea. The declaration stated that the defendant, at two several times, subscribed 21 shares, of $100 each, to the capital stock of the plaintiffs, by two several signatures to the same subscription, on the 11th of March, 1834—one subscription being for 15 shares, and the other for 6 shares.
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Demurrer to plea. The declaration stated that the defendant, at two several times, subscribed 21 shares, of $100 each, to the capital stock of the plaintiffs, by two several signatures to the same subscription, on the 11th of March, 1834—one subscription being for 15 shares, and the other for 6 shares. It then set forth five calls, in five different counts, amounting in the whole to 40 per cent.—$840—and contained, moreover, a sixth count in indebitatus assumpsit for money lent, &c. and for other moneys owing from the defendant to the plaintiffs for 21 shares of the capital stock of the…
1Opinion of the Court
By the Court,
Cowen, J.
The principle of this plea was considered, 21 Wendell, 273, on demurrer to a general plea of the forfeiture. We there treated the two subscriptions as making but one debt of $2100, which, under the provisions of the act of incorporation, was paid so far as the *129cash value of the stock would reach towards the debts subscribed and the interest. It is now thought that, though the value of the stock may be less, yet if it be equal to the particular sum claimed in this suit, the law will pronounce, as a necessary consequence, that it shall be appropriated so as to extinguish…
2Cases cited5 opinions
- Herkimer Manufacturing & Hydraulic Co. v. SmallNew York Supreme Court · 1839
- Johnston v. BrannanNew York Supreme Court · 1810
- Wells v. FeeterNew York Supreme Court · 1830
- Lewis v. SpencerNew York Supreme Court · 1834
- M'Gregor v. LovelandNew York Supreme Court · 1803