Coleman and Caines' Cases; Reports of Cases of Practice Determined in the Supreme Court of Judicature of the State of New York; from April Term, 1794, ... To which is Prefixed All the Rules and Orders

by New York. Supreme Court

This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1883 edition. ...previous payments. This provision was designed as an additional security for the proportion of the shares which should remain unpaid, and to enable the Company by a decisive measure to compel the prompt payments which the objects of the institution required. They had an election to adopt this expedient, and exact the forfeiture, or to enforce payment in the ordinary course by a suit on the original contract. N ot having insisted on the forfeiture, they of course have a right to maintain this action. The objection which is founded on the idea that the contract was not 0bliratory on the Company, and therefore not mutual in its operations, T also think is not well taken. The subscription was for the full sum originally due for each share. The $10 on each share were due immediately, and the engagement with res ect to that sum was like a note or obligation pa able on demand. he contract was complete, and the defendant hada right to tender the payment of the $10, and demand its performance on the part of the Company, who had an equal right to enforce it against him. Neither party could revoke it without mutual consent, or a default on the adverse side. I, therefore, consider the contract as reciprocally binding, and founded on a valid consideration. The second objection is, that the commissioners appoint-L278 ed by the act did not, as soon as 1,000 shares were subscribed, give notice to the stockholders to choose Directors. This was, I think, properly relinquished by one of the defendant's counsel. It does not appear when the precise number of 1,000 shares were subscribed. The defendant subscribed his shares on April 17th, 1801, and it is averred, that on the 21st of the same month upwards of 1,000 shares, to wit, 1,990, were subscribed,...

132 pages, Paperback

Published September 13, 2013