Kesner v. World's Fair Hippodrome, Amusement, Ballet, Pantomime & Fireworks Co.

Appellate Court of Illinois

Kesner v. World's Fair Hippodrome, Amusement, Ballet, Pantomime & Fireworks Co.

62 Ill. App. 89, 1895 Ill. App. LEXIS 383

DecidedJanuary 22, 1896

StatusPublished

This text of 62 Ill. App. 89 (Kesner v. World's Fair Hippodrome, Amusement, Ballet, Pantomime & Fireworks Co.) is published on Counsel Stack Legal Research, covering Appellate Court of Illinois primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

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Kesner v. World's Fair Hippodrome, Amusement, Ballet, Pantomime & Fireworks Co., 62 Ill. App. 89, 1895 Ill. App. LEXIS 383 (Ill. Ct. App. 1896).

Pincite

Opinion

Mr. Justice Waterman

delivered the opinion op the Court.

The testimony of appellant shows him to have been a subscriber for ten shares of stock.

Courts incline, without reference to formality, where the intent to become a subscriber is manifested, to hold that the contract of subscription subsists. Cook on Stock & Stockholders, etc., Vol. 1, Sec. 52.

Having thus become obligated, he could not, as against creditors of the corporation, be released by the mere consent of the company.

If appellant had, when informed that Stock had put his name down, repudiated such action, his position would have been very different.

Parties dealing with this corporation had a right to rely upon the evidence, which appellant knew existed at Springfield, that he had subscribed for ten shares of its stock. Sec. 27, Chap. 32, R. S.; Kern v. Chicago Co-operative Brewing Ass’n, 40 Ill. App. 356; 140 Ill. 371.

The judgment of the Superior Court is affirmed.

Mr. Justice Shepard dissents.

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