Gay v. Kohlsaat
Appellate Court of Illinois
Suit in Chancery, to fix the liability of the officers of a corporation under Section 16, Chapter 32, R. S., concerning corporations. Trial in the Circuit Court of Cook County; the Hon. Edmund W. Burke, Judge, presiding. Judgment for defendant on demurrer to hill; appeal by complainants.
1Opinion of the CourtJustice Adams
The question is whether the facts alleged in the bill entitle appellant to relief.
Section 16 of chapter 32 of the statutes is as follows: “ If the indebtedness of any stock corporation shall exceed the amount of its capital stock, the directors and officers of such corporation assenting thereto shall be personally and individually liable for such excess, to the creditors of such corporation.”
It is apparent from the bill that at the time the indebtedness to appellant was contracted, the Chicago Press Club Auxiliary Association was not a legally organized corporation for the purpose of engaging…
2Cases cited5 opinions
- Swartwout v. Michigan Air Line RailroadMichigan Supreme Court · 1872
- Loverin v. McLaughlinIllinois Supreme Court · 1896
- McCarthy v. LavascheIllinois Supreme Court · 1878
- Merrick v. Reynolds Engine & Governor Co.Massachusetts Supreme Judicial Court · 1869
- United Growers Co. v. EisnerAppellate Division of the Supreme Court of the State of New York · 1897
3Cited by1 opinion
- Eggert v. ClevelandAppellate Court of Illinois · 1908