Kerchner v. Gettys

Citations

• 18 S.C. 521

Syllabus

<p>1. Negotiable notes given for a completed purchase of shares of stock in a corporation or joint stock company are based upon a sufficient consideration, the certificates of stock having been delivered to the seller as agent of the purchasers, or else left with him as security for the payment of the notes.</p> <p>2. These certificates were given to the seller to be delivered to the purchasers when the notes matured or were paid, before which time a steamboat, the only property of the company, was lost to the company. Held, that there was no failure of consideration to the notes.</p> <p>3. Qiuere. Can a purchaser of shares in a corporation, in action for the purchase-money, deny its corporate existence ?</p> <p>4. A corporation chartered by the laws of one State may lawfully do business in another State unless forbidden by its charter, or by the laws of such other State.</p> <p>5. A corporation chartered by the laws of North Carolina may do business in this State, and may select for its officers citizens of this State.</p>