Adler v. Milwaukee Patent Brick Manufacturing Co.
Wisconsin Supreme Court
APPEAL from tbe Circuit Court for Milwaulcee County. Tbe complaint in tbis action (wbicb was commenced in June, 1858), alleged that tbe Milwaukee 'Patent Brick Manufacturing Company was organized in 1855, under an act of tbe legislature ; that tbe other defendants became subscribers to its capital stock in certain amounts; tbat tbe company went into business in 1855, and continued therein until June, 1857, when it became insolvent, having ceased its business and…
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APPEAL from tbe Circuit Court for Milwaulcee County. Tbe complaint in tbis action (wbicb was commenced in June, 1858), alleged that tbe Milwaukee 'Patent Brick Manufacturing Company was organized in 1855, under an act of tbe legislature ; that tbe other defendants became subscribers to its capital stock in certain amounts; tbat tbe company went into business in 1855, and continued therein until June, 1857, when it became insolvent, having ceased its business and reorganization; that on, &c., the plaintiff obtained judgment in the county court of Milwaukee county against the company for $1,862…
1Opinion of the Court
By the Court,
DlXON, O. J.
It would be much against reason and common justice, if the stockholders of an incorporated company, like the principal defendant in this action, after having paid in the amount of their stock subscriptions according to the requirements of its charter, should be permitted afterwards, and without first discharging the liabilities of such company to the extent of such subscriptions, to withdraw their stock and leave its creditors unsatisfied. It would be equally contrary to the plainest principles of law and equity, as well as" common sense, after having subscribed the…
2Cases cited5 opinions
- Wood v. DummerU.S. Circuit Court for the District of Maine · 1824
- Nathan v. WhitlockNew York Court of Chancery · 1841
- Spear v. GrantMassachusetts Supreme Judicial Court · 1819
- Ward v. Griswoldville Manufacturing Co.Supreme Court of Connecticut · 1844
- Judson v. Rossie Galena Co.New York Court of Chancery · 1842
3Cited by39 opinions
- Sanger v. UptonSupreme Court of the United States · 1875
- Harrigan v. GilchristWisconsin Supreme Court · 1904
- Turnbull v. PaysonSupreme Court of the United States · 1877
- Van Cleve v. BerkeySupreme Court of Missouri · 1898
- Crandall v. LincolnSupreme Court of Connecticut · 1884
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