Buffalo & Allegany Railroad v. Cary
New York Court of Appeals
Appeal from the Superior Court of Buffalo. Action upon the subscription of the intestate to the capital stock of the plaintiff.
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Appeal from the Superior Court of Buffalo. Action upon the subscription of the intestate to the capital stock of the plaintiff. The plaintiff undertook to become incorporated under the general railroad act of 1850. In May, 1853, its articles of association were filed, and the intestate, June 8th thereafter, became a subscriber for one thousand dollars of the capital stock, and paid ten per cent at the time of subscribing, and died in September, 1853. The directors, after his death, made seven calls upon the stock of one hundred dollars each, and for this seven hundred dollars, claimed to be…
1Dissent
Allen, J., (dissenting.)
The plaintiff’s right to recover must, I think, depend upon the validity and sufficiency of the proceedings for their incorporation under the general act of 1850. The question is upon the validity of the contract alleged to have been made by the intestate by his subscription on the 8th of June, 1853; and the tests of its validity must be applied as of that date. There is no evidence that he did anything, after that time, recognizing the existence of the corporation, and up to that time there had been no user of the franchise which would estop any one from disputing the…
2Cases cited4 opinions
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- The Eastern Plank Road Company v. . VaughanNew York Court of Appeals · 1856
- First Baptist Society v. RapaleeNew York Supreme Court · 1837
- Rensselaer & Washington Plank Road Co. v. WetselNew York Supreme Court · 1855