Lane v. Coin Machine Manufacturing Co.

Citations

• 69 Pa. Super. 373
• 1918 Pa. Super. LEXIS 401

Syllabus

<p>Corporations — Stock subscription — Breach of contract — Seduction of par value of stock.</p> <p>Where a corporation having an authorized capital stock of $4,-000,000 divided into shares of $100 each contracts to sell five shares of its stock at par to a purchaser payable in installments, and after the purchaser has paid $400 the company reduces the par value of the shares to $10 the purchaser may regard the change in the par value of the stock as a breach of contract, and recover the $400 which he had paid to the company.</p>