Holliday v. Persons
Court of Appeals of Georgia
Complaint; from Bibb superior court — Judge M. D. Jones. February 6, 1922. Application for certiorari was granted by the Supreme Court. P. 0. Holliday, as trustee in bankruptcy of the Southern Druggists Syndicate, instituted suit against Ben S. Persons, E. G. Jacobs, George D. Case, and J. A. Baugh, to recover certain amounts alleged to be due the corporation by the defendants on unpaid subscriptions to stock in the corporation.
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Complaint; from Bibb superior court — Judge M. D. Jones. February 6, 1922. Application for certiorari was granted by the Supreme Court. P. 0. Holliday, as trustee in bankruptcy of the Southern Druggists Syndicate, instituted suit against Ben S. Persons, E. G. Jacobs, George D. Case, and J. A. Baugh, to recover certain amounts alleged to be due the corporation by the defendants on unpaid subscriptions to stock in the corporation. The allegations in the petition, so far as material to the matter under consideration, are that the entire assets of the corporation consisted of these alleged unpaid…
1Opinion of the Court
1. In a contract of subscription to stock in a proposed corporation it is implied that all the capital stock shall be subscribed, as a condition precedent to the subscriber’s liability for payment of the amount' of his subscription. Particularly is this true where the total amount of the capital stock and the number of shares are stated in the subscription'agreement, as in'the case under-consideration. 1 Cook on Corporations (7th ed.), § 176; 1 Thompson on Corporations (2d ed.), § 529; Memphis Branch R. Co. v. Sullivan, 57 Ga. 240; Hendrix v. Academy of Music, 73 Ga. 437 (3). Therefore, *in…
Also in this document: Concurrence.
2Cases cited9 opinions
- Lowe v. ByrdSupreme Court of Georgia · 1918
- Hendrix v. Academy of MusicSupreme Court of Georgia · 1885
- Chappell v. LoweSupreme Court of Georgia · 1916
- Hollander v. HeaslipCourt of Appeals for the Fifth Circuit · 1915
- Memphis Branch Railroad v. SullivanSupreme Court of Georgia · 1876
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