50 S.C. 89 | S.C. | 1897
The opinion of the Court was delivered by
These two cases being practically identical, so far as the facts are concerned, were heard and will be considered together. The complaints set forth fully the facts out of which the controversies arise, and as it is stated in the “Case” that such facts were substantially proved on the trial, the allegations of the complaints will be taken as true. For a full understanding of these facts, one of the complaints should be incorporated in
The motions for nonsuit were refused by his Honor, Judge Townsend, and the cases were presented to the jury, who-found verdicts in each of the cases for the withdrawal value of the stock of the plaintiffs respectively, and judg
It seems to us clear that the view taken by the Circuit Judge was strictly in conformity with the contract of the parties as set forth in the eomplaint, the allegations of which are admitted to be true; and that any other view would make the contract a mere delusion and a fraud. This view is fully supported by the authorities cited by respondent’s counsel, only one of which it is deemed necessary to reproduce here. In 2 Am. & Eng. Enc. of Eaw, 1st edition, at page 625, we find the following language: “Acceptance of notice of withdrawal terminates membership in the association; the member at once assumes the position of a creditor, and may recover the amount due in assumpsit, but the judgment and the execution will be controlled by the Court as justice and right may require.”
The position taken by counsel for appellant, that the plaintiffs still remain stockholders until their certificates were actually cancelled, is manifestly untenable. After the plaintiffs had done all that they were required to do to entitle them to claim the withdrawal value of their stock, the association certainly could not be allowed to defeat such claim by delaying or refusing to formally cancel the certificates of stock.
The judgment of this Court is, that the judgment of the Circuit Court in each of the cases mentioned in the title of this opinion be affirmed.