The Law Dictionary

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CALL, N Definition & Legal Meaning

Definition & Citations:

1. In English law. The election of students to the degree of barrister at law, hence the ceremony or epoch of election, and the number of persons elected. 2. In conveyancing. A visible natural object or landmark designated In a patent, entry. grant, or other conveyance of lands, as a limit or boundary to the land described with which the points of surveying must cor respond. Also the courses and distances designated. King v. Watkins (C. C.) 98 Fed. 922; Stockton v. Morris, 39 W. Va. 432, 19 S. E. 531. 3. In corporation law. A demand made by the directors of a stock company upon the persons who have subscribed for shares, requiring a certain portion or installment of the amount subscribed to be paid in. The word, in this sense, in synonymous with “assessment,” (q. v.) A call is an assessment on shares of stock, usually for uupaid installments of the subscription thereto. The word is said to be capable of three meanings: (1) The resolution of the directors to levy the assessment; (2) its notification to the persons liable to pay; (3) the time when it becomes payable. Railway Co. v. Mitchell, 4 Exch. 543; Hatch v. Dana, 101 U. S. 205, 25 L. Ed. 8S5; Railroad Co. v. Spreckles, 05 Cal. 193, 3 Pac. 001, 802; Stewart v. Pub. Co., 1 Wash. St. 521, 20 Pac. 605. 4. In the language of the stock exchange, a “call” is an option to claim stock at a fixed price on a certain day. White v. Treat (C. C.) 100 Fed. 290; Lumber Co. v. Whitebreast Coal Co., 160 111. 85, 43 N. E. 774, 31 L R. A. 529.


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