Merchants & Planters Packet Co. v. Streuby
Mississippi Supreme Court
From the circuit court of Warren county. Hon. Oliver W. Catchings, Judge. The Merchants & Planters Packet Company, appellant, was plaintiff in the court below, and Streuby, appellee, defendant there. From a judgment in defendant’s favor, predicated of a peremptory instruction, plaintiff appealed to the supreme court.
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From the circuit court of Warren county. Hon. Oliver W. Catchings, Judge. The Merchants & Planters Packet Company, appellant, was plaintiff in the court below, and Streuby, appellee, defendant there. From a judgment in defendant’s favor, predicated of a peremptory instruction, plaintiff appealed to the supreme court. The plaintiff packet company, a corporation under the laws of Mississippi, sued the defendant, Streuby, demanding judgment for $500 on a subscription for corporate stock in plaintiff company. The declaration alleged that Streuby subscribed for five shares of said stock of the par…
1Opinion of the CourtCalhoon, J.
This action is to hold Streuby liable personally as a subscriber on his signature to the capital stock óf a corporation. His signature is in these words: “ F. Streuby, for Levy Bros. Oil Mills, Ltd.” This oil mill was a corporation, and sO it was powerless, in this state, to subscribe for stock of another corporation. This was equally known to him and appellant corporation, and no fraud or fraudulent representation appears. We have, therefore, not a case where the principal was or could have been bound by the subscription in any event; it being ultra vires. We hold that the signature did not…
2Cases cited1 opinion
- Holt v. Winfield BankUnited States Circuit Court · 1885
3Cited by4 opinions
- McCarty v. LoveMississippi Supreme Court · 1927
- Ketcham v. Mississippi Outdoor Displays, Inc.Mississippi Supreme Court · 1948
- Pendleton v. WilliamsMississippi Supreme Court · 1967
- Peeples v. EnochsMississippi Supreme Court · 1934