Feehan v. Kendrick
Idaho Supreme Court
APPEAL from the District Court of the First Judicial District, for Shoshone County. Hon. William W. Woods, Judge. Action to enforce stockholder’s liability for unpaid stock, Demurrer to complaint sustained and judgment of dismissal entered.
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APPEAL from the District Court of the First Judicial District, for Shoshone County. Hon. William W. Woods, Judge. Action to enforce stockholder’s liability for unpaid stock, Demurrer to complaint sustained and judgment of dismissal entered. The issuance of stock as fully paid in exchange for property at a gross overvaluation placed thereon was a fraud upon the creditors of the corporation, and such creditors might recover from the stockholder the difference between the par value of the stock and the amount which had been paid thereon, placing a fair and reasonable value on the property…
1Opinion of the CourtMorgan, J.
The complaint in this action was filed October 9, 1915, and was thereafter amended. Respondent ad*222mits, by general and special demurrer thereto, that shares of capital stock of the Coeur d’Alene North Fork Mining & Smelting Company, now held by him, are part of its total capitalization of 150,000 shares of the par value of $10 each, all originally issued on May 28, 1908, to one of three incorporators, in exchange for property worth not to exceed $500, but fraudulently overvalued; that by resolution for such exchange, spread upon the minutes.of the corporation, the property was declared to be…
Also in this document: Concurrence.
2Cases cited28 opinions
- Brinckerhoff v. . BostwickNew York Court of Appeals · 1885
- Clark v. BeverSupreme Court of the United States · 1891
- Patterson v. LyndeSupreme Court of the United States · 1883
- Coleman v. HoweIllinois Supreme Court · 1895
- Baines v. BabcockCalifornia Supreme Court · 1892
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3Cited by23 opinions
- MacLeod v. StelleIdaho Supreme Court · 1926
- Saulls v. Employment Security AgencyIdaho Supreme Court · 1963
- American Home Benefit Ass'n v. United American Benefit Ass'nIdaho Supreme Court · 1942
- Chandler v. Drainage Dist. No. 2Idaho Supreme Court · 1947
- Parke v. ParkeIdaho Supreme Court · 1952
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