Cunningham v. Independence Consolidated Mining Co.

Citations

• 58 Wash. 371
• 108 P. 956
• 1910 Wash. LEXIS 943

Syllabus

<p>Corporations — Stock — Subscriptions—Construction—Free op Assessment. An agreement that a stockholder was to receive 100,000 shares of stock “free of assessment” until stock held by other stockholders had been paid for in full, does not mean “free from any charge or payment” so as to relieve the stockholder from paying for his stock in the first instance.</p> <p>Same—Eights op Stockholders—Actions—Equity. Equity will not give relief to a stockholder of a corporation, who, in bad faith made arrangements with a creditor whereby the corporation’s property was subjected to execution sale, under an agreement whereby the same was to be redeemed and deeded to the stockholder, who tried to defeat a redemption by the corporation when he might have paid the judgment or redeemed and held as equitable owner for the company.</p> <p>Same—Laches. An action by one claiming stock in a corporation and for an accounting and equitable relief is barred by laches, where he was not diligent in the prosecution of his remedy for breach of the contract for his stock, but delayed seven years after knowledge of the breach, during which time he jeopardized the property of the corporation and subjected it to forced sale to the end that the title should come under his personal control.</p>