Eggmann v. Blanke
Missouri Court of Appeals
Appeal from the St. Louis City Circuit Cowrt. — Hon. James E. Withrow, Judge. (1) At the date of these notes and the issue of the five hundred shares to the defendant all the stock of the corporation belonged to the subscribers in the articles of incorporation, and such issue was an over-issue of stock and therefore void. The subscription makes one a stockholder, and it is not necessary to have a certificate. Schaeffer v. II.
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Appeal from the St. Louis City Circuit Cowrt. — Hon. James E. Withrow, Judge. (1) At the date of these notes and the issue of the five hundred shares to the defendant all the stock of the corporation belonged to the subscribers in the articles of incorporation, and such issue was an over-issue of stock and therefore void. The subscription makes one a stockholder, and it is not necessary to have a certificate. Schaeffer v. II. I. Co., 46 Mo. 248; 1 Waterman on Corp. 168, sec. 48; Cook on Stock & Stockh. f 1 Ed.] 12, sec. 10 ; Haskell v. Sells, 14 Mo. App. 91. Moreover an over-issue of stock is…
1Opinion of the Court
Biggs, J.,
delivered the-opinion of the court.
The plaintiff is the assignee of the Paragon A vvning and Manufacturing Company, a business corporation organized under the laws of the state of Illinois, and as such assignee he instituted this action against the defendant on several promissory notes, executed by the defendant, and made payable to that company. In the body of each note is the following statement: “ The same being a payment of five per cent, on my purchase of five hundred shares of stock of the Paragon Awning and Manufacturing Company, which is held by them as collateral security…
2Cases cited3 opinions
- Chicago, Pekin & Southwestern Railroad v. President & TrusteesIllinois Supreme Court · 1876
- Chetlain v. Republic Life InsuranceIllinois Supreme Court · 1877
- Griswold v. Board of Trustees of the Peoria UniversityIllinois Supreme Court · 1861
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- Atlanta & Walworth Butter & Cheese Ass'n v. SmithWisconsin Supreme Court · 1910
- St. Louis Rawhide Co. v. HillMissouri Court of Appeals · 1897
- David v. B. L. Fry Manufacturing Co.Missouri Court of Appeals · 1921