Spear v. Crawford
New York Supreme Court
Error from the superior court of the city of New-York, Crawford sued Spear in the court below, as a stockholder of the Harlaem Canal Company, to recover to the nominal amount of stock held by Spear, in part satisfaction of a demand Crawford held against the company; alleging that Spear was a stockholder to the amount of sixteen shares of stock of fifty dollars each.
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Error from the superior court of the city of New-York, Crawford sued Spear in the court below, as a stockholder of the Harlaem Canal Company, to recover to the nominal amount of stock held by Spear, in part satisfaction of a demand Crawford held against the company; alleging that Spear was a stockholder to the amount of sixteen shares of stock of fifty dollars each. The action was founded on the ninth section of the act incorporating the Harlaem Canal Company, Statute of 1826, page 369, by which it is enacted that the stockholders of the corporation shall be holden in their individual…
1Opinion of the Court
By the Court,
Sutherland, J.
The first section of the act creates the applicants for the charter, and such other persons as then are or may thereafter be associated with them, a body corporate and politic in prcesenti, without any condition precedent to be performed by them. The 5th section limits the capital to $350,000, which, by a subsequent act, is extended to $550,000, to be divided into shares of $50 each ; and authorizes the directors to demand from the stockholders all sums of money by them subscribed, at such time and in such proportions as they shall see fit. The promise of the…
2Cases cited1 opinion
- Chester Glass Co. v. DeweyMassachusetts Supreme Judicial Court · 1819
3Cited by46 opinions
- Wheeler v. . MillarNew York Court of Appeals · 1882
- Mitchell v. BeckmanCalifornia Supreme Court · 1883
- Gillett v. Chicago Title & Trust Co.Illinois Supreme Court · 1907
- Buffalo and N.Y. City R.R. Co. v. . DudleyNew York Court of Appeals · 1856
- Hartford & New-Haven Rail Road v. KennedySupreme Court of Connecticut · 1838
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