Allen v. Rhodes
Court of Appeals for the Eighth Circuit
Appeal from the District Court of the United States for the District of Nebraska; Page Morris, Judge. Suit by Walter H. Rhodes, successory receiver of the Omaha, Decatur & Northern Railway Company, against A. W. Allen and others. From a decree in favor of complainant, certain defendants appeal.
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Appeal from the District Court of the United States for the District of Nebraska; Page Morris, Judge. Suit by Walter H. Rhodes, successory receiver of the Omaha, Decatur & Northern Railway Company, against A. W. Allen and others. From a decree in favor of complainant, certain defendants appeal. The appellee, as the successory receiver of the Omaha, Decatur & Northern Railway Company, a corporation organized under the laws of the state of Nebraska, brought this suit against the appellants to recover unpaid assessments on their subscriptions to the capital stock of the railway company. The…
1Opinion of the CourtTrieber, District Judge
(after stating the facts as above). Assuming that the agreement with Bement made his subscription fraudulent and void, the question to be determined upon this appeal is whether, owing to the fact that only $12,600 of the capital stock of the railway company, which was to be $1,000,000, was subscribed in good faith, the corporation had such existence as to make those who did subscribe liable to creditors of the company for the unpaid portions of their subscriptions.
The authorities arc conflicting whether subscriptions made to a corporation, when the full amount of the capital stock has not…
2Cases cited15 opinions
- MINOR v. the Mechanics Bank of AlexandriaSupreme Court of the United States · 1828
- Scott v. DeweeseSupreme Court of the United States · 1901
- Tulare Irrigation District v. ShepardSupreme Court of the United States · 1902
- Harrill v. DavisCourt of Appeals for the Eighth Circuit · 1909
- Hudson v. Green Hill Seminary Corp.Illinois Supreme Court · 1885
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- Marshall-Wells Co. v. KramlichIdaho Supreme Court · 1928