Bank of Forest v. Orgill Bros.
This text of 34 So. 325 (Bank of Forest v. Orgill Bros.) is published on Counsel Stack Legal Research, covering Mississippi Supreme Court primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Opinion
delivered the opinion of the court.
The judgment appealed from must be reversed as to the Bank of Forest. The contract of Huber, one of the promoters of the Bank of Forest, for the purchase of a' burglar-proof safe and a vault door from appellees, was before the incorporation of the Bank of Forest; and it is a rule of law that such contracts of promoters are not binding upon the corporation unless it receives the benefit thereof, or the contract is adopted by it. There has been no acceptance or adoption here. Morawetz on Corporations, sec. 548; Law of Promoters, etc., by Alger, c. 10, § 203.
Affirmed as to Huber; reversed as to the Bank of Forest.
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Cite This Page — Counsel Stack
34 So. 325, 82 Miss. 81, 1903 Miss. LEXIS 157, Counsel Stack Legal Research, https://law.counselstack.com/opinion/bank-of-forest-v-orgill-bros-miss-1903.