Bay State York Co. v. Cobb

The plaintiff, a creditor of Shoals, Inc., a corporation of Massachusetts, brings this bill to establish liability for indebtedness against the three officers and directors of Shoals on the ground that corporate stock was issued in violation of Gr. L. (Ter. Ed.) c. 156, §§ 15, 36. The case was referred to a master, who filed a report, which was confirmed. The defendants appealed from a final decree that they are jointly and severally indebted to the plaintiff in the sum of $5,548.28 and interest.

Shoals, Inc., was incorporated on April 28, 1955. The ■defendants were the incorporators and have…