Muncy Traction Engine Co. v. DeLa Green
Supreme Court of Pennsylvania
No. 7 January Term 1888, Sup. Ct.; court below, No. 525 March Term 1887, C. P. On March 4, 1887, the Muncy Traction Engine Company, a manufacturing company incorporated under the act of A pril 29, 1874, P. L. 73, brought assumpsit against DeLa Green, to recover a subscription by the defendant to the stock of plaintiff company. Issue.
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No. 7 January Term 1888, Sup. Ct.; court below, No. 525 March Term 1887, C. P. On March 4, 1887, the Muncy Traction Engine Company, a manufacturing company incorporated under the act of A pril 29, 1874, P. L. 73, brought assumpsit against DeLa Green, to recover a subscription by the defendant to the stock of plaintiff company. Issue. At the trial on May 11, 1887, the case made to appear was substantially as follows : Early in 1886, a paper was circulated to obtain subscriptions to the capital stock of a company to be incorporated for the manufacture of traction, portable and stationary…
1Per curiam
At the time DeLa Green withdrew his subscription, there was no company formed, and there was nothing to prevent all the subscribers to the proposed enterprise from withdrawing from that enterprise had they seen proper. By what legal consideration, then, was DeLa Green bound? Was he bound because he induced others to sign ? But, if the other subscribers to the undertaking were not bound to go on with it, and might at any time before application for a charter have dropped it, surely the defendant was no more bound than they. Viewing the matter in this light, we do not see how the judgment of…
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