Court Opinion

ID: 9417013
Source: CourtListenerOpinion
Date Created: 2023-08-02 20:00:36.809989+00
Date Added: 2024-06-11T17:21:33.098222
License: Public Domain

Mr. Justice Miller
(with whom concurred Mr. Chief Justice Waite and Mr. Justice Bradley) dissenting.
I am ,of opinion, that, where an agent of an existing corporation procures a- subscription of additional stock in it by fraudu*56lent representations, the fraud can be relied on as a defence to a suit for the unpaid instalments, when suit is brought by the corporation; and that if the stockholder has in reasonable time repudiated the contract, and offered to rescind before the insolvency or bankruptcy of the corporation, the defence is valid against , the assignee of . the corporation.
I also think there was evidence of such fraud in this case,. and that the question of reasonable diligence in ^he offer to rescind was fairly put to the jury by the Circuit Court.