Wilkins v. Worthen
Supreme Court of Arkansas
Appeal from Jefferson Chancery Court. James R. Robinson, Chancellor. STATEMENT BY THE COURT. In the year 1879, the Memphis & Great Southwestern Railway Company was incorporated under the laws of this state. Afterwards J. B. Bowman subscribed for 16,670 shares of the capital stock of said company, of $100 each. The company did nothing but organize and make a preliminary survey.
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Appeal from Jefferson Chancery Court. James R. Robinson, Chancellor. STATEMENT BY THE COURT. In the year 1879, the Memphis & Great Southwestern Railway Company was incorporated under the laws of this state. Afterwards J. B. Bowman subscribed for 16,670 shares of the capital stock of said company, of $100 each. The company did nothing but organize and make a preliminary survey. The last meeting of the stockholders was held in 1880, and all attempts at carrying on the operations of the company were soon thereafter abandoned. The company owned no property except the subscriptions for its stock,…
1Opinion of the Court
Riddick, J.,
(after stating the facts). The only-question we need consider is whether the action against Bowman is barred by laches and the statutes of limitation. At the time Wilkins & Bro. recovered judgment against the Memphis & Great Southwestern Railway Company, it owned no property excepting the amounts due from subscribers to its stock, had suspended operations of all kind, and ceased to be a going concern. The right of action against Bowman and other subscribers to the stock of said company accrued in favor of Wilkins & Bro. at least so soon as their execution was returned nulla bona,…
2Cases cited4 opinions
- Curry v. WoodwardSupreme Court of Alabama · 1875
- Payne v. BullardMississippi Supreme Court · 1851
- Ford v. AdamsSupreme Court of Arkansas · 1891
- Lawson v. HaydenSupreme Court of Arkansas · 1853
3Cited by10 opinions
- Spencer v. AndersonCalifornia Supreme Court · 1924
- Fletcher v. Bank of LonokeSupreme Court of Arkansas · 1902
- Johns' EstateSupreme Court of Pennsylvania · 1916
- Barker v. CunninghamSupreme Court of Arkansas · 1912
- American Railway Express Co. v. ReevesSupreme Court of Arkansas · 1927
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