Hardin v. Sweeney

Citations

• 14 Wash. 129
• 44 P. 138
• 1896 Wash. LEXIS 323

Syllabus

<p>CONSIDERATION — SUBSCRIPTION TO CAPITAL STOCK — CORPORATE AGENTS — EXTENT OP AUTHORITY — ACTIONS BY RECEIVER — ACTION ON NOTE —DEMAND.</p> <p>Promissory notes given to cover subscriptions to the capital stock of a corporation are based upon a valid consideration, when the subscriptions are legally enforceable.</p> <p>A stockholder of a corporation, who deals with its agent, is presumed to know the scope of the agents authority, and cannot set up in defense of his contract with the corporation conditions limiting his liability, which the agent had no authority to enter into.</p> <p>Failure to allege in a complaint by a receiver that he is authorized to bring the action does not render the complaint obnoxious to a general demurrer.</p> <p>A receiver may sue in his own name upon causes of action existing in favor of the person or corporation for which he has been appointed.</p> <p>Demand is not necessary before suit upon a negotiable note payable on demand at a particular place, the bringing of suit being a sufficient demand of payment.</p>