Southern Trust & Safe Deposit Co. v. Yeatman

Citations

• 130 F. 798
• 1904 U.S. App. LEXIS 4850

Syllabus

<p>1. Corporations — Ratification of Unauthorized Contract — Estoppel by Delay.</p> <p>Under the Maryland statute which provides that a corporation may accept property in payment for its stock, when previously authorized by the stockholders, where on its organization a corporation issued stock to defendant on a subscription by which it was to be in part paid for by stock of another corporation, and the company accepted the latter stock, had it transferred to its own name, pledged the same, and received dividends thereon, retaining it for two years, and until it had depreciated in value, it was a question for the jury whether or not its stockholders had not ratified the transaction, so as to bind the corporation, and estop it from thereafter repudiating the contract</p>