Galveston City Co. v. Scott

Citations

• 42 Tex. 535

Syllabus

<p>1. Galveston city stock. The scheme of association inaugurated by David White, in 1837, for the formation of a stock company for the sale of the land on which the City of Galveston is built, was never carried out by him so as to make those persons to whom he had issued stock partners under his certificates, in compliance with their terms; but it left those who held shares in the land by purchase from him for a valuable consideration, associates with M. B. Menard as part owners of the land.</p> <p>2. Laches. The holder of “ White stock ” who was debarred by the action of the Galveston City Company from entering said company as a stockholder, cannot, after the lapse of more than twenty years, maintain an action to enforce a recognition of his stock, or for damages, as against said company, which had actual exclusive possession of the land belonging to said company from the date of its organization.</p>