Lankershim Ranch Land & Water Co.v. Herberger

This appeal is from an order dissolving an attachment.

In 1887 a syndicate known as the Lankershim Syndicate, composed of certain persons, not including the respondent, purchased twelve thousand acres of land, and agreed among themselves to organize a corporation under the state laws, “ for the purpose of dividing, developing, and selling said land.” On the 2d of August, 1887, the respondent, among others, signed and delivered to the syndicate an offer and agreement in writing, in which it was set out that the syndicate was about to create a corporation for the purposes above mentioned, with a capital stock of seven hundred and eighty thou *601 sand dollars, divided into seven thousand eight hundred shares, of the par value of one hundred dollars per share. By this instrument the respondent agreed, when the corporation should be formed, to take twenty-five shares of its capital stock, and pay therefor as follows: Fifteen per cent cash; twenty-five per cent September 10, 1887, without interest; thirty per cent July 1,1888, with interest at five per cent per annum; and thirty per cent July 1, 1889, with the same rate of interest,—all upon condition, however, that should the…