London & Lancashire Fire Insurance v. Ludwig
Supreme Court of Arkansas
Appeal from Pulaski Circuit Court; Bdward W. Winñeld, Judge; The meaning of the term “capital stock” varies according to the context in which it is employed. Stock in the hands of a stockhplder means his interest in the corporation, whether paid for or not; but the stock of a corporation itself is a term synonymous with capital.
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Appeal from Pulaski Circuit Court; Bdward W. Winñeld, Judge; The meaning of the term “capital stock” varies according to the context in which it is employed. Stock in the hands of a stockhplder means his interest in the corporation, whether paid for or not; but the stock of a corporation itself is a term synonymous with capital. It means the assets which the company possesses, the amount that has been paid in by the stockholders, which constitutes the capital on which the company does business. 1 Sandf. Ch. 307; 15 Fla. 651; 68 Cal. 350; 83 Cal. 300; 83 111. 610; 52 Pa. St. 177; 18 Wis. 295;…
1Opinion of the CourtBattle, J.
The London & Lancashire Fire Insurance Company sued O. C. Ludwig. The complaint in the case, omitting the caption, is as follows: ■
“The plaintiff states that it is a corporation which was duly organized under the laws of Great Britain in the year 1861, for the purpose; among others, of writing policies of insurance against loss by fire; and the defendant is at present the Secretary of State of Arkansas. That on the 25th day of March, 1905, and for a number of years prior thereto, it was conducting a part of its business within the State of Arkansas, and under its charter had the power to do…
2Cases cited2 opinions
- Sanger v. UptonSupreme Court of the United States · 1875
- Commercial Fire Insurance v. Board of RevenueSupreme Court of Alabama · 1891
3Cited by4 opinions
- Fitzgerald v. Guaranty Security Corp.Massachusetts Supreme Judicial Court · 1921
- State Ex Rel. American Bakeries Co. v. CrawfordSupreme Court of Florida · 1925
- Roberts v. ChatwinSupreme Court of Arkansas · 1913
- Missouri Valley Grocery Co. v. HallNorth Dakota Supreme Court · 1920