Jones v. Woolley

Citations

• 3 Idaho 48
• 26 P. 120
• 1891 Ida. LEXIS 6

Syllabus

<p>Obligation of Corporation — Stockholders Liable on Contract. — • The following instrument in writing was issued by the president and manager of a corporation:</p> <p>“Montpelier, Idaho, April 26, 1884. “Be it known by these presents, that I, as manager and president of this institution, do agree to refund to Jacob Jones the sum of $926.80/100 dollars, at one year’s notice from date of said notice. It is the understanding that this money shall draw what interest it makes in proportion to all the shares in the institution. (Signed) H. S. WOOLLEY.”</p> <p>Held, that it was the obligation of the corporation, and that an action could be maintained thereon by the payee named therein against the stockholder under section 2609 of the Revised Statutes of Idaho.</p> <p>(Syllabus by the court.)</p>