Clark v. Wilder

The Cayuna Minneapolis Iron Company is a Minnesota mining corporation with its principal place of business within this state. The defendant owned 1,000 shares of its capital stock at the par value of one dollar per share. In December, 1921, a receiver was duly appointed to take charge of the property and affairs of the corporation, because of its insolvency. Subsequently an assessment of 40 per cent was duly made upon the stock held by each and all of the stockholders therein. The defendant failed to pay his assessment and the receiver brought this action to recover the same. The defendant…