Lang v. Lutz

This action is brought by a creditor of an insolvent domestic corporation against six of its stockholders, to enforce their liability under section 54 of the Stock Corporation Law, as amended by chapter 354 of the Laws of 1901. That section, so far as it is applicable here, reads: “Every holder of capital stock not fully paid, in any stock corporation, shall be personally liable to its creditors, to an amount equal to the amount *4unpaid on the stock held by him for debts of the corporation contracted while such stock was held by him.”

Prior to the amendment that section read: “ The stockholders…