Farnsworth v. . Wood
New York Court of Appeals
These were appeals from judgments of the General Term of the Supreme Court in the third judicial department, entered upon orders made September 24, 1880, which affirmed judgments in favor of plaintiff, entered upon orders overruling demurrers to the complaints in the actions above entitled.
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These were appeals from judgments of the General Term of the Supreme Court in the third judicial department, entered upon orders made September 24, 1880, which affirmed judgments in favor of plaintiff, entered upon orders overruling demurrers to the complaints in the actions above entitled. These actions were brought by plaintiff as receiver of the Eagle Mowing and Beaping Machine Company, a manufacturing corporation organized under the General Manufacturing Act, to enforce the liability imposed by said act (§ 10) upon stockholders in favor of creditors.
1Opinion of the CourtRapallo, J.
We are of opinion that, these actions cannot be maintained. The plaintiff is the receiver of a corporation created under the General Manufacturing Law of 1848, appointed upon the sequestration of its property on the return of an execution, and seeks by this action to enforce against the stockholders, the personal liability to creditors which is imposed by that act upon stockholders'in such corporations.
The liability does not exist in favor of the corporation itself, nor for the benefit of all its creditors, but only in favor of such creditors as are within the prescribed conditions. It is not…
2Cases cited2 opinions
- Story v. . FurmanNew York Court of Appeals · 1862
- Cuykendall v. . CorningNew York Court of Appeals · 1882
3Cited by32 opinions
- Hirshfeld v. . FitzgeraldNew York Court of Appeals · 1898
- Irvine v. Town of GreenwoodSupreme Court of South Carolina · 1911
- Zang v. WyantSupreme Court of Colorado · 1898
- Colton v. MayerCourt of Appeals of Maryland · 1900
- The Mosler Safe Company v. . Guardian Trust CompanyNew York Court of Appeals · 1913
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