National Tube Works Co. v. Gilfillan
New York Court of Appeals
Appeal from judgment of the General Term of the Supreme ■Court in the first judicial department, entered upon an order made November 9, 1887, which affirmed a judgment in favor of plaintiff entered upon a verdict and affirmed an order ■denying a motion for a new trial.
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Appeal from judgment of the General Term of the Supreme ■Court in the first judicial department, entered upon an order made November 9, 1887, which affirmed a judgment in favor of plaintiff entered upon a verdict and affirmed an order ■denying a motion for a new trial. Action by a judgment creditor of the Brooklyn Marine Power Company, a corporation organized under chapter 40 of the Laws of 1848, against the defendant as a stockholder of said company, to recover a debt pursuant to section 10 of said act, upon the ground that the capital stock had not been paid either in cash or in property…
1Opinion of the CourtVann, J.
The substantial issue in this action was whether the property procured in exchange for stock was purchased at an over-valuation, not through error of judgment, but in bad faith and to evade the statute. (Douglass v. Ireland, 73 N. Y. 100, 104.)
The trial judge instructed the jury that if they found “ that the stock issued exceeded in amount the value of the property taken in exchange for it and for which it was issued, and that the trustees deliberately and with knowledge of the real , value of the property over-valued it and paid in stock for it an amount which they knew was in excess of its…
2Cases cited1 opinion
- Douglass v. . IrelandNew York Court of Appeals · 1878
3Cited by17 opinions
- Rowell v. . JanvrinNew York Court of Appeals · 1896
- Van Cleve v. BerkeySupreme Court of Missouri · 1898
- R. H. Herron Co. v. ShawCalifornia Supreme Court · 1913
- In re Jassoy Co.Court of Appeals for the Second Circuit · 1910
- Webster v. Webster Refining Co. of OkmulgeeSupreme Court of Oklahoma · 1912
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