Smith v. Huckabee
Supreme Court of Alabama
appeal from Circuit Court of Perry. Tried before Hon. Luther B. Smith. The appellant Smith brought this action against the appellee Huckabee, to recover of him the amount of a promissory note for ¡¡>1266.20, due January 1st, 1867, made by the “Choccolocco Cotton Mills.”
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appeal from Circuit Court of Perry. Tried before Hon. Luther B. Smith. The appellant Smith brought this action against the appellee Huckabee, to recover of him the amount of a promissory note for ¡¡>1266.20, due January 1st, 1867, made by the “Choccolocco Cotton Mills.” The complaint avers that the Choccolocco Cotton Mills was a private corporation, organized under the laws of the State of Alabama, under the provisions of part 2, title 2, chapter 3 of the Code, and the several sections thereof; that the defendant was a stockholder and had subscribed ten thousand dollars to the capital stock…
1Opinion of the CourtBrickell, C. J.
Individual liability for corporate debts, as incident to membership of a corporation, arises only from express legislative enactment, either in the charter, or by some general law, to which all similar corporations and their individual members are made subject. Trustees, &c., v. Flint, 13 Metc. 539; Ang. & Ames on Cor. § 341-591. Immunity from such liability is one of the inducements which has led to the multiplication of private corporations, and caused them to supersede to a great extent in hazardous enterprises, or enterprises requiring large capital, partnerships, of which individual…
2Cases cited8 opinions
- Wood v. DummerU.S. Circuit Court for the District of Maine · 1824
- Curran v. ArkansasSupreme Court of the United States · 1853
- Mumma v. Potomac Co.Supreme Court of the United States · 1834
- Allen v. Montgomery Rail RoadSupreme Court of Alabama · 1847
- Spear v. GrantMassachusetts Supreme Judicial Court · 1819
3 more not listed; retrieve them via the Exa API.
3Cited by27 opinions
- Marshall v. . ShermanNew York Court of Appeals · 1895
- McDonnell v. Alabama Gold Life InsuranceSupreme Court of Alabama · 1888
- Elyton Land Co. v. Birmingham Warehouse & Elevator Co.Supreme Court of Alabama · 1890
- Farmers Loan & Trust Co. v. FunkNebraska Supreme Court · 1896
- Central Agricultural & Mechanical Ass'n v. Alabama Gold Life InsuranceSupreme Court of Alabama · 1881
22 more not listed; retrieve them via the Exa API.