Burke v. Smith
Supreme Court of the United States
Burke, Putnam/and others were the equitable owners' of a judgment recovered in 1857 against the New Albany and Sandusky Railroad Company. Upon this judgment an execution was issued in 1858, which, on. the 1st of DecembQr of that year, was returned “ nulla bona.” On the 29th of' January, 1868, that is to say, about ten years after the execution had been thus returned unsatisfied, they brought'the present suit.
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Burke, Putnam/and others were the equitable owners' of a judgment recovered in 1857 against the New Albany and Sandusky Railroad Company. Upon this judgment an execution was issued in 1858, which, on. the 1st of DecembQr of that year, was returned “ nulla bona.” On the 29th of' January, 1868, that is to say, about ten years after the execution had been thus returned unsatisfied, they brought'the present suit. It was a bill in chancery against one Smith and some twenty-seven other defendants, and, alleging the insolvency of the company, it sought to subject to the payment of the judgment,…
1Opinion of the CourtJustice Strong
' The question to be solved is whether the appellees are debtors to the railroad company for the excess of the subscriptions above $300, made by theiu to the-artieles of association. If they aré, the, complainants have an equitable right to subject those debts to the payment of the judgment they have against the railroad company. And it must also be conceded that if the company has, in fraud of its creditors, released subscribers to its stock from the payment of their subscriptions, the release is inoperative to protect those subscribers against claims' of the creditors. Under the law of the…
2Cases cited1 opinion
- Lessor of Fisher v. CockerellSupreme Court of the United States · 1831
3Cited by58 opinions
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- Wills v. Nehalem Coal Co.Oregon Supreme Court · 1908
- McNulta v. Corn Belt BankIllinois Supreme Court · 1896
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