Bank of Verona v. Stewart

The following opinion was filed December 8, 1936:

FowleR, J.

The trial court held that the statute of limitations had run against the defendants and based its conclusion on the fact that this court ruled in Kaestner v. Kuechle, 194 Wis. 72, 216 N. W. 141, that the creditor of the corporation must elect whether to sue the corporation on the debt itself or the stockholders on their statutory liability, and that on electing to sue one he lost his remedy against the other. From this the trial court concluded that as both the corporation and the stockholders could not be sued their obligation was…