First National Bank v. Armstrong

Defendants appeal from a judgment rendered against them in an action wherein they were charged with liability as stockholders of a corporation.

It appears that the corporation of which defendants were stockholders was indebted to the plaintiff in approximately the sum of $90,000, and that said corporation, together with several other corporations, were being “merged” into a new corporation by a procedure which included the taking over by the new corporation of the assets of each of the old corporations and the assumption by the new corporation of the liabilities of each of the old…