Weisiger v. Richmond Ice Machine Co.

Citations

• 90 Va. 795
• 20 S.E. 361
• 1894 Va. LEXIS 69

Syllabus

<p>1. Answer— Withdrawal — Demurrer.—Where there has been no unreasonable delay in making the motion, the court may, at its discretion, allow answer to be withdrawn and demurrer filed to the bill.</p> <p>2. Stock Subscriptions — Cancellation—Doctrine.—Contract to purchase stock, induced by fraudulent representations, is not void, but only voidable at purchaser’s option. Where rights of creditors are concerned, he must use reasonable care and vigilance in discovering fraud, and upon its discovery must promptly repudiate the purchase. If after discovering it, he does any act inconsistent with such disaffirmance, he will be held to have waived the fraud.</p> <p>3. Bill to Cancel' — Case at bar. — In the case here, the bill, as set forth in the opinion: held, bad on demurrer.</p>