Wemple v. St. Louis, Jerseyville & Springfield Railroad

Citations

• 120 Ill. 196
• 11 N.E. 906

Syllabus

<p>Contract op subscription lo stock, as distinguished from a purchase of shares—and ivhen a right of action accrues. A party gave his promissory note to a railway company for $500, payable on January 1, 1882, with interest, containing a condition that if a certain line of railroad should be constructed so that cars might be run between certain points on or before January 1, 1882, it should be paid, and five shares of the capital stock of the company should be issued to the maker, otherwise the note should be void: Held, that this was only a contract of subscription to the capital stock of the company, and not one for the purchase of shares, and that a tender of the stock was not a condition precedent to a right of action on the note.</p>