First National Bank v. King

The opinion of the court was delivered by

Johnston, J. :

This proceeding presents the question as to when the statute of limitations applies to the liability of a stockholder for.debts due from a defunct corporation. Samuel C. King was a stockholder in the Hyde Park Investment Company, organized on May 9, 1887, to plat and subdivide 173^ acres of land that had been purchased near the city of Atchison, and to sell the same. Only a part of the purchase-money for the land was paid by the corporation, and *734the unpaid portion, $7500, stood as a mortgage lien against the land. No part of this debt was…