Fleming v. Sierra

Citations

• 14 Teiss. 168
• 1917 La. App. LEXIS 23

Syllabus

<p>Syllabus.</p> <p>When no term is fixed for the performance of an obligation, it may be enforced at the will of the obligee.</p> <p>A receiver may demand from delinquent subscribers of stock not only an amount necessary to pay the corporation debts but also the total amount of subscription needful to equalize the losses among the stockholders.</p> <p>Sec. 13 of Act 267 of 1914 does not apply to cases of insolvency and bankruptcy.</p> <p>The receipt of a sum of money in part payment of a subscription to stock is an acceptance of the subscription.</p> <p>A subscription for stock creates the obligation to pay it, and the benefits expected from it form the consideration; no action of the directors can relieve the subscriber from this obligation as far as the creditors are concerned.</p>