Macfarland v. West Side Improvement Ass'n

Irvine, C.

The West Side Improvement Association recovered a judgment against Macfarland for certain unpaid assessments on shares of its capital stock alleged to have been by him subscribed. While. several defenses were pleaded, the questions here presented relate only to one, *418■ — that .the full amount of the capital stock, as fixed by the articles of incorporation, had not been subscribed. The capital stock was fixed at $200,000, and only a little more than $100,000 was subscribed. The general principle is well settled that a subscription does not become obligatory until the whole amount has…