Martin v. Palmer Union Oil Co.

This is an appeal by the plaintiff from a judgment against him rendered on demurrer to his complaint. The action is one to compel the defendant company to recognize the plaintiff as the owner of three thousand two hundred shares of its capital stock, although such shares have been sold by the defendant to pay an assessment levied by it. The sole question is as to the validity of the assessment.

The assessment is attacked on the ground that it was levied in violation of an express contract by the defendant. It appears from the complaint that the stock of the defendant is divided into preferred…