Southern States Fire & Casualty Insurance v. De Long
Supreme Court of Alabama
Appeal from Jefferson Chancery Court. Heard before Hon. A. H. Benners. Bill by Adrian DeLong against the Southern States. Fire & Casualty Insurance Company to rescind and cancel a contract of purchase of stock in said corporation on the ground of fraud and misrepresentation. There ivas a decree for complainant and respondent appeals.
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Appeal from Jefferson Chancery Court. Heard before Hon. A. H. Benners. Bill by Adrian DeLong against the Southern States. Fire & Casualty Insurance Company to rescind and cancel a contract of purchase of stock in said corporation on the ground of fraud and misrepresentation. There ivas a decree for complainant and respondent appeals. The representations must have been of a material existing fact on which the person relied, and must have been false in order to rescind.- — -Story’s Equity, sec. 199. The facts do not warrant rescission for fraud. — Thompson on Corporations, sec. 722. The bill…
1Opinion of the CourtSimpson, J.
The bill in this case is filed, by the appellee to rescind and cancel a purchase of shares of the capital stock of defendant company on account of misrepresentations claimed to have been made by the agent from whom the stock was purchased. The claim is that said agent told the plaintiff, as an inducement to purchase the stock, that the company had declared or agreed upon a dividend of 25 per cent, which would be paid to the stockholders in the following October (the purchase being made in June), also that one Adam Glass of Mobile had purchased 100 shares of said stock, all of which is denied…
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