175 Pa. 619 | Pa. | 1896
Opinion by
The Real Estate Exchange of Philadelphia is an insolvent corporation, now and since October 26, 1891, in the hands of a receiver. It was incorporated November 11, 1886, and its authorized capital was $75,000, divided into shares of $50.00 each. The appellant subscribed for ten shares of the stock, paid ten per cent thereon, and received a certificate for the same. Ninety per cent of his subscription for it is still unpaid. In May, 1888. he caused the stock to be sold at auction, and it was bought by W. F. Deakyne for $2.00. As the corporation refused to transfer the stock to Deakyne without payment of a previous assessment upon it the sale was not perfected. On the 16th of May, 1888, the appellant was notified that the assessment was payable on or before the first of June, and as he did not pay it at or before that time he was, on the 11th of July, informed by the treasurer of the corporation that unless payment was made within the next ten days his stock or so much thereof as was necessary to meet the assessments upon it would be disposed of at public sale. At the expiration of the ten days he was still in default and the treasurer in a letter dated July 28, 1888, called his attention to it and said: “ It is incumbent on the Exchange to advertise your stock for sale. If you wish to avoid the expense and avoid undesirable pubhcity you can do so by .calling at the Exchange before August 6th, and executing a transfer of your stock in blank.” Acting upon the suggestion in the letter he caused a transfer of bis stock to be made in accordance with it, and after that he appears to have considered himself as released from all liability arising from his connection with the corporation. But as the creditors of the concern did not accept his view of the effect of the transaction he was made a party to this suit in which it was adjudged that he was not released from liability as a stockholder and that he should pay to the receiver tbe unpaid assessments on the stock he subscribed
Decree affirmed and appeal dismissed at the costs of the appellant.