Mobley v. Rucker

1. “Persons wlio organize a company and transact business' in its name, before the minimum capital stock has been subscribed for, are liable to creditors to make good the minimum capital stock with interest.” Civil Code (1910), § 2220. The liability imposed by this statute constitutes a trust fund for the benefit of all creditors, and “an action at law can not be maintained by one creditor among many for the appropriation of the whole or any part of such liability to his own benefit, to the possible exclusion of all or any of the other creditors, but the remedy is in equity by a petition…