Philips v. Slocomb

Rodney, J.,

delivering the opinion of the Court:

In the present case, it is more convenient to consider the latter question first.

This is an action brought by the receiver of an insolvent company to recover from a subscriber the amount due on a promissory note which had been given to the company by the subscriber in connection with her subscription agreement. The suit is simply on the note, but the pleas of the defendant set up that the sole consideration of the note was the subscription for the stock which it was agreed should be delivered when the final note was paid. These facts are admitted…