Van Alstyne v. H. & T. C. R'y Co.

Citations

• 56 Tex. 373
• 1882 Tex. LEXIS 44

Syllabus

<p>1. Railway stock.— On the purchase of a railway company and its franchises under execution, the purchasers by circular letter offered to the old stockholders the privilege of participating on equal terms in the purchase, on payment of ten per cent, cash on their full paid-up stock within a specified time. Subsequently an act of the legislature released the road from forfeiture, on condition that the company should restore the original stockholders who had paid for stock to all the rights they were divested of by sale; provided, that if said stockholders failed to pay ten per cent, on the amount of their stock within a time specified in the act they should forfeit all rights under it. A stockholder paid in the ten per cent, on the amount of original stock which had been owned by him, but after the expiration of the time limited for its payment by the circular letter and the legislative act. Watered stock, under a general resolution of the company, was issued to him, eight shares of watered stock for one of old stock actually paid up, but he received no additional new stock to cover the ten per cent, paid under circular letter and legislative requirement. In a suit to compel the issuance of stock to cover the ten per cent, paid, held,</p> <p>That having paid up the ten per cent, after the time limited by the circular letter and legislative enactment, and received new stock in lieu of his original stock, he was not entitled to recover.</p> <p>2. Fact case.— See statement of case and opinion for more full explanation of case.</p> <p>3. Charge of court — Practice.—The law again announced that a judgment in a civil cause will not be reversed for a mere failure on the part of the court below to cover in the charge every phase of the case, when attention is not called to the omission by a charge asked or otherwise.</p>