Hall v. Sims
Supreme Court of Alabama
Appeal from the Circuit Court of Pike. Tried before the Hon. John R. Tyson. This action was brought by the appellants, J. L. Hall and L. B. Farley, trustees, against the appellee, W. A. Sims, and was founded on a promissory note executed by the defendant. This note was introduced in evidence, and is copied in the opinion. It was indorsed by the ■Alabama Midland Railway Company, and also by the Alabama Terminal & Improvement Company.
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Appeal from the Circuit Court of Pike. Tried before the Hon. John R. Tyson. This action was brought by the appellants, J. L. Hall and L. B. Farley, trustees, against the appellee, W. A. Sims, and was founded on a promissory note executed by the defendant. This note was introduced in evidence, and is copied in the opinion. It was indorsed by the ■Alabama Midland Railway Company, and also by the Alabama Terminal & Improvement Company. The plaintiffs proved that the note sued on was their property, and they had the right to collect the same, and to receipt therefor and discharge the parties…
1Opinion of the CourtHaralson, J.
— A condition to a subscription for stock in a public or private corporation, must be performed before a subscriber can be compelled to pay his subscription. Reasonable performance is all that is required. — 1 Cook on Stocks & Stockholders, § 86; 2 Beach on Private Corp., § 540. The complaint alleges performance of the conditions found in the note offered in evidence.
ÍS¡jThe note reads as follows : “I promise to pay to the Alabama Midland Railway Company, as now chartered under the general railroad law of the State, or any amendments that may be hereafter made, either by general law or by act…
2Cited by5 opinions
- Davis v. WilliamsSupreme Court of Alabama · 1898
- National Union Fire Ins. Co. v. SchwabSupreme Court of Alabama · 1941
- Garner v. Hall & FarleySupreme Court of Alabama · 1896
- Garner v. Hall & FarleySupreme Court of Alabama · 1898
- Broadus v. RussellSupreme Court of Alabama · 1909