Buchanan v. Meisser
Illinois Supreme Court
Appeal from, the Appellate Court for the Fourth District; —heard in that court on appeal from the circuit court of St. Clair county; the Hon. William H. Snyder, Judge, presiding. This was an action of debt, by Sophia Meisser, a creditor of the People’s Bank of Belleville, against William C. Buchanan, as stockholder in that bank.
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Appeal from, the Appellate Court for the Fourth District; —heard in that court on appeal from the circuit court of St. Clair county; the Hon. William H. Snyder, Judge, presiding. This was an action of debt, by Sophia Meisser, a creditor of the People’s Bank of Belleville, against William C. Buchanan, as stockholder in that bank. Among other things, it is alleged in the declaration that it is provided by the 9th section of the charter of that bank, that “whenever default shall be made in the payment of any debt or liability contracted by said corporation, the stockholders shall be held…
1Opinion of the CourtJustice Scholfield
The only question arising upon this record for our determination is, whether the circuit court properly excluded the defence sought to be interposed upon the trial.
The language of the 9th section of the charter of the People’s bank, under which suit was brought, provides, that “whenever default shall be made in the payment of any debt or liability contracted by said corporation, the stockholders shall be held individually responsible for an amount equal to the amount of the stock held by them, respectively. ” The effect of this is simply to withdraw from the stockholders, “to an amount equal…
2Cases cited5 opinions
- Sawyer v. HoagSupreme Court of the United States · 1873
- Wiles v. . SuydamNew York Court of Appeals · 1876
- Fuller v. LeddenIllinois Supreme Court · 1877
- Casey v. CarverIllinois Supreme Court · 1866
- Chadsey v. HarrisonIllinois Supreme Court · 1849
3Cited by18 opinions
- Sanders v. Merchants State BankIllinois Supreme Court · 1932
- Andrews v. State Ex Rel. BlairOhio Supreme Court · 1931
- Thompson v. MeisserIllinois Supreme Court · 1884
- Jerman's Adm'r v. BentonSupreme Court of Missouri · 1883
- Putnam v. MisochiMassachusetts Supreme Judicial Court · 1905
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