Jones v. Garlington

Citations

• 44 S.C. 533
• 22 S.E. 741
• 1895 S.C. LEXIS 112

Syllabus

<p>1. Corporate Stock — Warranty—Consideration.—Stock in a corporation is an unnegotiable security, as to which there is no implied warranty. Therefore, an action on a promissory note given for the purchase of shares of such stock, in answer which pleads failure of consideration only, was properly held not to state facts sufficient to constitute a defence.</p> <p>2. Calendars — Judgment after Demurrer Sustained. — In action on a liquidated money demand, with answer filed, the cause was properly docketed for trial on Calendar 1, and the answer having been adjudged insufficient under oral demurrer, judgment could then be rendered by the judge on Calendar 1 without testimony or verdict, but the defendant cannot complain if testimony is taken and verdict rendered.</p>