Twohy

The plaintiff is a corporation organized and existing under the laws of the state of Delaware, and the action was brought to recover an amount subscribed by the defendant for certain shares of the capital stock of the corporation. A general demurrer to an amended complaint was sustained, and, the plaintiff having declined to further amend, a judgment—from which the appeal was taken—was entered for the defendant.

The subscription alleged was for preferred stock, the averments of the complaint with respect to the terms of the contract being as follows: “That on or about the 28th day of January, 1918, plaintiff’s directors at a regular meeting thereof duly opened books of subscription to fill up the plaintiff’s capital stock. That on or about the 20th day of March, 1920, the defendant duly subscribed in writing and agreed to take 300 fully paid and nonassessable shares of the said preferred stock of the plaintiff at the price of $110 a share, or a total price amounting to $33,000; that no definite date of payment of said subscription was stated therein, and the reasonable time for performance (without demand) by defendant in the premises expired long before but within four years…