German Mercantile Co. v. Wanner
North Dakota Supreme Court
Appeal from an order of the District Court for Stark County, Crawford, J. Statement of Facts. The plaintiff and respondent is a domestic corporation. It brought this action upon a promissory note given to it by defendant for $200, dated November 22, 1901, due November 22, 1908, with interest. The complaint is in the usual form.
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Appeal from an order of the District Court for Stark County, Crawford, J. Statement of Facts. The plaintiff and respondent is a domestic corporation. It brought this action upon a promissory note given to it by defendant for $200, dated November 22, 1901, due November 22, 1908, with interest. The complaint is in the usual form. Appellant’s answer admits the execution of the note, denies that it was given for a valuable consideration, and alleges that he made the note on the day of its date and delivered it, and in return therefor plaintiff delivered him 20 shares of its capital stock, and the…
1Opinion of the Court
Spalding, Oh. J.
The transaction occurred between the parties on the 22d day of November, 1907; the note became due on November 22d, 1908, and rescission was not attempted until the 5th of December, 1908; that is, not until some days after the maturity of the note, and more than one year after the transaction took place. It will thus be seen that the question for decision is whether, under the statute prohibiting the taking of notes as payment for stock, the note is void and uncollectible. It appears that the certificate of stock was issued and delivered to the defendant. It, however, did not…
2Cases cited14 opinions
- Harvey-Watts Co. v. Worcester Umbrella Co.Massachusetts Supreme Judicial Court · 1906
- American Tube Works v. Boston Machine Co.Massachusetts Supreme Judicial Court · 1885
- Goodrich v. Reynolds, Wilder & Co.Illinois Supreme Court · 1863
- Wight v. Shelby RailroadCourt of Appeals of Kentucky · 1855
- Little v. ObrienMassachusetts Supreme Judicial Court · 1812
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3Cited by15 opinions
- Sohland v. BakerSupreme Court of Delaware · 1927
- Cahall v. LoflandCourt of Chancery of Delaware · 1921
- Harn v. SmithSupreme Court of Oklahoma · 1921
- Boldt v. Motor Securities Co.Supreme Court of Colorado · 1923
- Schiller Piano Co. v. HydeSouth Dakota Supreme Court · 1917
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