McAlester Manufacturing Co. v. Florence Cotton & Iron Co.
Supreme Court of Alabama
Appeal from Lauderdale Circuit Court. Tried before the Hon. E. B. Almon. This was an action brought by appellant ¡to recover a sum claimed to be due from 'appellee by reason of a subscription for stock in appellant corporation by appellee. The facts necessary to an undestánding of the opinion are fully set forth therein. There were verdict and judgment for defendant in the court below, and plaintiff appeals.
1Opinion of the CourtSharpe, J.
If it be conceded that the act of February 28th, 1889, now subdivision 8 of section 1256 of the Code, is applicable to the defendant corporation, still it is not apparent' that the statute empowered the defendant to bind itself by the writing sued on.
By the statute referred to, the first power mentioned as given to land companies and corporations organized for the purpose of buying, selling or improving land's is “to invest their money or other property or assets in enterprises which they deem 'calculated to advance their interests.” The second is “to loan money to'individuals or corporations…
2Cases cited3 opinions
- Commercial Fire Insurance v. Board of RevenueSupreme Court of Alabama · 1891
- Lanier Lumber Co. v. ReesSupreme Court of Alabama · 1893
- Draper, Matthis & Co. v. NixonSupreme Court of Alabama · 1890
3Cited by3 opinions
- Folts v. Globe Life InsuranceNebraska Supreme Court · 1929
- Birmingham Water Works Co. v. BaileyAlabama Court of Appeals · 1912
- Ensley Mortgage & Loan Co. v. ChadwickSupreme Court of Alabama · 1931