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Gray v. Portland Bank
Massachusetts Supreme Judicial Court
3 Mass. (2 Tyng) 364 (1807)
- Written by Elizabeth Yingling, JD
Facts
A state statute chartered Portland Bank (defendant) and required that the bank be initially capitalized in an amount of at least $100,000 but no more than $300,000. The statute also provided that each share of stock issued for the initial capitalization was valued at $100. After the capital investment, the bank sold additional stock but failed to give one of the original shareholders, William Gray (plaintiff) the option of participating in the subsequent offering.
Rule of Law
Issue
Holding and Reasoning (Sewall, J.)
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