South Branch Railway Co. v. Long

26 W. Va. 692, 1885 W. Va. LEXIS 106
CourtWest Virginia Supreme Court
DecidedOctober 2, 1885
StatusPublished
Cited by4 cases

This text of 26 W. Va. 692 (South Branch Railway Co. v. Long) is published on Counsel Stack Legal Research, covering West Virginia Supreme Court primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
South Branch Railway Co. v. Long, 26 W. Va. 692, 1885 W. Va. LEXIS 106 (W. Va. 1885).

Opinion

Johnson, President:

This was an action of trespass on the case in assumpsit brought in the circuit court of Hampshire county in 1874. The declaration is as follows:

“Hampshiee County, to-wit:
“The plaintifi complains of Conrad Long, being summoned, &c., of a plea of trespass on the case in assumpsit, for that, whereas, heretofore, to-wit, on February 25, 1871, the Legislature of 'Wust Yirginia passed an act entitled, ‘An act to incorporate the South Branch Railway Company/ whereby a number of persons were appointed commissioners to open hooks of subscription to the capital stock of said company in shares of $100.00 each to the amount of $50,000.00, which ■was allowed to be increased by the sale of additional shares to the amount of $500,000.00, for the purpose of constructing, equipping and operating, by steam or otherwise, a railway from Romney, in said county, to the Baltimore and Ohio Railroad, between the South Branch and Patterson’s creek bridges; and afterwards, to-wit, on June 17, 1871, at, &c., the sum of $8,000.00 (and afterward and not exceeding $50,-000.00) to the capital stock of said company having been subscribed by various persons (not less than twenty in number) under the provisions and by virtue of said act, in shares ot $100.00 each, as required by law, the said company did then and there, in general meeting of stockholders assembled, organize as provided by law, and said company then and there became fully organized and incorporated under the corporate name of the South Branch Railway Company; that on, &c., at, &e., upon a book of said stock subscription, the said defendant did subscribe for five shares of said capital [694]*694stock of the par value of $600.00, together with others who subscribed various other shares, and some of them with the understanding and agreement with said defendant that he would and did subscribe for said five shares, and in consideration thereof, that said subscriptions were made under a heading in these words to-wit: ‘The subscribers promise and bind themselves severally to pay unto the capital stock of the South Branch Railway Company the shares of stock affixed to their names (of $100.00 each), as shall be required by said company after its organization and said defendant did then and there, duly and fully, become a subscriber to the capital stock and a stockholder in said company; and said plaintiff avers that afterwards, to-wit, on, &c., at, &c., the plaintiff (through its individual members), on the faith of said subscription and the stock taken by said defendant and other parties as aforesaid, did, in order to give credit to said company and to raise funds to carry on the work of constructing said railway as proposed, guarantee the payment of $36,000.00 of the said subscribed stock of the road aforesaid ; and further, said plaintiff avers that heretofore, to-wit, on, &c., at &c., the plaintiff on the faith and dependence that said defendant would keep his said promise and pay in said stock as required, let the construction of said road to contract, and did cause the construction of said road to be entered upon and' progressed in, whereby said plaintiff was required to expend large sums of' money and to become liable to pay further sums; and on May 28, 1873, the work on said road having commenced, the said company, by an order of its duly authorized board of directors, did require that said stockholders should pay an instalment of ten per cent, on each share of their stock subscription on or before June 10, 1873; also ten per cent, on each share, thereafter to be paid monthly on or before the 10th day of each month until the subscription be paid up, of which requirement said defendant then and there had notice; and although defendant was, on, &c., at, &c., duly notified and required to pay in the eight several instalments which became payable June 10,1873, and in every month since, the defendant has wholly failed to pay the same, whereby, and by force of the statute in such case made and provided, an action has accrued to plaintiff to have and de-[695]*695mancl of the defendant eighty per cent of his five shares of stock aforesaid, with tender cent, per annum interest on each instalment from the time the same became payable as aforesaid, the aggregate amount of principal payable at the institution of this suit amounting to $400.00; and being so liable^ the said defendant, afterwards, to-wit, on, &c., at, &e., in consideration thereof, did undertake and faithfully promise the plaintiff to pay it the said sum of $400.00, with interest as aforesaid, whenever thereunto afterward requested.
“ Second. — Also, for that, whereas, heretofore, to-wit, on the — day of-, 1871, at, &c., the said defendant made, signed and executed, for the use of plaintiff, a certain paper writing, without date on its face, whereby he promised and bound himself to pay into the capital stock of the South Branch Railway Company, for five shares of stock of $100.00 each, making the gross sum of $500.00, to be paid when and as the said company should require the same to he paid, after its organization, which said writing was then and there made and delivered to the commissioners for and agents .of said company, for its use, and accepted by it. And the .plaintiff av.ers that said company was organized on June 17, 1871, at, &c., whereof the defendant then and there had notice, and afterwards, on May 28, 1873, at, &c., the work on the South Branch railway having been commenced, the said company, by the order of the duly authorized board of directors, did require the defendant to pay ten per cent, on said $500.00 on or before June 10, 1873, also ten per cent, on each share of stock, thereafter to be paid-monthly on or before the 10th day of each month until the -whole amount of said $500.00 be paid up; and the plaintiff' avers that eighty per cent., amounting to $400.00 of said gross sum. has been thus required by said company to be paid prior to the institution of this suit, and the defendant on, &c., at, &c., had notice of said requirement, yet refuses to pay the same. "Wherefore an action accrued to plaintiff to have and demand of the defendant the said sum of $400.00, with interest; and being so liable, said defendant, afterwards, to-wit, on, &c., at., &c,, undertook and faithiully promised said plaintiff to pay it said $400.00- and interest whenever he should he thereunto afterwards requested.
[696]*696Third. — Also, for this, that the said defendant heretofore, to-wit, on, &c., at, &c., in consideration that the plaintiff then and there agreed to sell him five shares of its capital stock at its par value of $500.00,.

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Related

Brown v. Gray
70 S.E. 276 (West Virginia Supreme Court, 1911)
South Branch Ry. Co. v. Long's Adm'r
27 S.E. 297 (West Virginia Supreme Court, 1897)
Pickens v. Knisely
11 S.E. 932 (West Virginia Supreme Court, 1886)
Smith's Adm'r v. Charlton's Adm'r
7 Gratt. 425 (Supreme Court of Virginia, 1851)

Cite This Page — Counsel Stack

Bluebook (online)
26 W. Va. 692, 1885 W. Va. LEXIS 106, Counsel Stack Legal Research, https://law.counselstack.com/opinion/south-branch-railway-co-v-long-wva-1885.