Muncy Traction Engine Co. v. DeLa Green

Supreme Court of Pennsylvania
Muncy Traction Engine Co. v. DeLa Green, 143 Pa. 269 (Pa. 1888)
13 A. 747; 1888 Pa. LEXIS 706
Clark, Gordon, Green, Paxson, Sterrett, Williams

Muncy Traction Engine Co. v. DeLa Green

Opinion of the Court

Per Curiam:

At the time DeLa Green withdrew his subscription, there was no company formed, and there was nothing to prevent all the subscribers to the proposed enterprise from withdrawing from that enterprise had they seen proper. By what legal consideration, then, was DeLa Green bound? Was he bound because he induced others to sign ? But, if the other subscribers to the undertaking were not bound to go on with it, and might at any time before application for a charter have dropped it, surely the defendant was no more bound than they. Viewing the matter in this light, we do not see how the judgment of the court below can be reversed.

Judgment affirmed.

Reference

Full Case Name
MUNCY TRACTION ENGINE CO. v. DeLa GREEN
Cited By
9 cases
Status
Published
Syllabus
A subscriber to the capital stock of a manufacturing company, proposed to be incorporated under the act of April 29, 1874, P. L. 73, may withdraw his subscription at any time before the association is ready to file its articles with the secretary of the commonwealth; and this even though he may have induced others to subscribe to the stock with him.*