De Witt Grocery Co. v. Ware
Supreme Court of Vermont
Appeal in Chancery, Windham County, Fish, Chancellor. Heard at Chambers, March 27, 1915, on the pleadings and findings of fact by the chancellor. Decree dismissing the bill with costs. The orators appealed. The opinion states the case. The facts found show that the defendants did assent to the creation of the indebtedness in excess of the legal limit. Keys v. Union Pacific Tea Co., 81 Yt. 420; 2 Kent Com.
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Appeal in Chancery, Windham County, Fish, Chancellor. Heard at Chambers, March 27, 1915, on the pleadings and findings of fact by the chancellor. Decree dismissing the bill with costs. The orators appealed. The opinion states the case. The facts found show that the defendants did assent to the creation of the indebtedness in excess of the legal limit. Keys v. Union Pacific Tea Co., 81 Yt. 420; 2 Kent Com. No. 616; Walsh v. Pierce, 12 Yt. 130; Insurance Go. v. McCann, 96 U. S. 84. In order to make the directors liable under the statute it is necessary to show that they assented to the creation…
1Opinion of the CourtMunson, C. J.
This is a bill in chancery brought by the orators as creditors of the-Grange Store Association, a corporation by voluntary association, against four of the twelve directors thereof, under a provision of P. S. 4307, now repealed, which reads as follows: “No debts shall be contracted by the corporation exceeding in amount two-thirds of the capital stock actually paid in, and a director assenting to the creation of an indebtedness exceeding such amount shall be personally liable for the excess.” At the time the bills of the orators were contracted the Grange Store Association was owing debts in…
2Cases cited7 opinions
- Tradesman Publishing Co. v. Car Wheel Co.Tennessee Supreme Court · 1895
- Patterson v. StewartSupreme Court of Minnesota · 1889
- Lewis v. MontgomeryIllinois Supreme Court · 1893
- Windham Provident Institution for Savings v. SpragueSupreme Court of Vermont · 1871
- Farr v. Briggs' EstateSupreme Court of Vermont · 1900
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