Smith v. . Law
New York Court of Appeals
Appeal from the Supreme Court. Action to enforce a liability against the defendant, under the 44th section of the act of 1847, providing for the construction of plank-roads. The trial was before a referee, who found that the defendant became, in 1850, a stockholder of the Moravia Plank-road Company, which became insolvent in September, 1852, and was dissolved in November of that year; and continued such stockholder until the dissolution.
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Appeal from the Supreme Court. Action to enforce a liability against the defendant, under the 44th section of the act of 1847, providing for the construction of plank-roads. The trial was before a referee, who found that the defendant became, in 1850, a stockholder of the Moravia Plank-road Company, which became insolvent in September, 1852, and was dissolved in November of that year; and continued such stockholder until the dissolution. The indebtedness, in this case, accrued by the act of the directors in resolving to issue the bonds of the plankroad company to such persons as should be…
1Opinion of the CourtBacon, J.
Several objections were taken to the right to recover, in this case, only two of which are of sufficient importance to merit discussion, and they can, in my judgment, be disposed of without difficulty. In the first place it is said that the bond was not valid, because its issue was not authorized at a regular meeting of the Board of Directors. If the directors had power, by vote, to authorize the issuing of the bond in this case, I am not aware of anything in the act permitting their organization, in their articles of association, or in the general statutes of the State, that requires this…
2Cases cited1 opinion
- Curtis and Others v. . LeavittNew York Court of Appeals · 1857
3Cited by9 opinions
- Ostrom v. . GreeneNew York Court of Appeals · 1900
- Stockton v. PowellSupreme Court of Florida · 1892
- State v. StewartNorth Dakota Supreme Court · 1900
- City of Wyandotte v. ZeitzSupreme Court of Arkansas · 1879
- Seal of Gold Mining Co. v. SlaterCalifornia Supreme Court · 1911
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