Bole v. Fulton
Supreme Court of Pennsylvania
Appeal, No. 10, Oct. T., 1911, by.defendant E. D. Fulton, from decree of C. P. No. 2, Allegheny Co., April T., 1908, No. 1,068, on bill in equity in case of George M. Bole, Receiver et al., v. The Belden Automobile Transmission Company and E. D. Fulton et al. Bill in equity by creditors to compel the payment of a stock subscription.
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Appeal, No. 10, Oct. T., 1911, by.defendant E. D. Fulton, from decree of C. P. No. 2, Allegheny Co., April T., 1908, No. 1,068, on bill in equity in case of George M. Bole, Receiver et al., v. The Belden Automobile Transmission Company and E. D. Fulton et al. Bill in equity by creditors to compel the payment of a stock subscription. Before Haymaker, J. From the record it appeared that after the incorporation of the Belden Automobile Transmission Company under the laws of New Jersey, E. D. Fulton subscribed for a certain number of shares of the stock of the company. Ten days after he signed…
1Opinion of the Court
Opinion by
Mr. Justice Stewart,
There is a well-recognized distinction between original *611subscriptions for stock in a corporation to be formed, and subscriptions for shares in an existing corporation. In the one case the engagement between the subscribers is created directly by the act of subscription, which, when once the corporation has been created by letters patent, issued on the strength of the subscription, becomes absolute, not subject to recall, and dischargeable only by actual payment. By the act of incorporation, without more, the original subscribers become members of the corporation,…
2Cases cited6 opinions
- Baltimore City Passenger Railway Co. v. HambletonCourt of Appeals of Maryland · 1893
- Pittsburgh & Connellsville Railroad v. ByersSupreme Court of Pennsylvania · 1858
- Garrett v. Dillsburg & Mechanicsburg RailroadSupreme Court of Pennsylvania · 1875
- Curry v. ScottSupreme Court of Pennsylvania · 1867
- Weiss v. Mauch Chunk Iron Co.Supreme Court of Pennsylvania · 1868
1 more not listed; retrieve them via the Exa API.
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- Philadelphia & Gulf Steamship Co. v. ClarkSuperior Court of Pennsylvania · 1915
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