Mills v. . Stewart
New York Court of Appeals
Appeal from the judgment of the General Term of the Supreme Court in the fifth judicial district, affirming a judgment for defendant. In 1854, the respondent was a stockholder in the Lake Ontario and Hudson River Railroad Company, organized under the general railroad act of 1850. His original subscription for stock was §6,000,, on which he paid ten per cent. The rest was not paid by him.
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Appeal from the judgment of the General Term of the Supreme Court in the fifth judicial district, affirming a judgment for defendant. In 1854, the respondent was a stockholder in the Lake Ontario and Hudson River Railroad Company, organized under the general railroad act of 1850. His original subscription for stock was §6,000,, on which he paid ten per cent. The rest was not paid by him. In January, 1857, a debt was contracted by said company which became due and payable two years after date. In December, 1857, the stock of the respondent was duly forfeited by the company for the non-payment…
1Opinion of the Court
The act of 1850 provides that each stockholder of any company formed under this act shall be individually liable to the creditors of such company to an amount equal to the amount unpaid on the stock held by them, for all the debts and liabilities of such company until the whole amount of the capital stock so held by him shall have been paid to the company.
Under this statute the first inquiry is, was the respondent a stockholder in said company on the 30th day of November, 1859, when this action was commenced. In pursuing that inquiry, we find that section seven of the said act provides, that…
2Cited by10 opinions
- Wheeler v. . MillarNew York Court of Appeals · 1882
- Continental Securities Co. v. Interborough Rapid Transit Co.U.S. Circuit Court for the District of Southern New York · 1908
- American Well & Prospecting Co. v. BlakemoreCalifornia Supreme Court · 1920
- Warth v. Moore Blind Stitcher & Overseamer Co.Appellate Division of the Supreme Court of the State of New York · 1911
- Lang v. LutzNew York Supreme Court · 1902
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