Borland v. Haven
U.S. Circuit Court for the District of Northern California
At Law. This is a suit brought by plaintiff against defendants, to recover the shares, for which the defendants are respectively alleged to be personally liable, as stockholders of the Wyoming & Dakota Water Company, for moneys advanced by plaintiff to, and for the benefit of, said corporation.
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At Law. This is a suit brought by plaintiff against defendants, to recover the shares, for which the defendants are respectively alleged to be personally liable, as stockholders of the Wyoming & Dakota Water Company, for moneys advanced by plaintiff to, and for the benefit of, said corporation. The answer admits that the defendant, Nichols, separately but not jointly with Haven, held 2,500 shares of the stock of said company on May 27,1879, and from that time till the-day of June, 1880, without specifying the day in Juno, and that defendant Haven, in severalty and not jointly with Nichols,…
1Opinion of the Court
Sawyer, J.,
(after stating the fads as above.) The principal question presented on the facts as found in this case, is, whether the defendants Haven and Nichols are personally liable to plaintiff, respectively, for a *404share of the indebtedness of the Wyoming & Dakota Water Company paid by said plaintiff in the manner stated, proportionate to the amount of stock held by them in severalty, as compared with the whole amount of stock liable to contribute. Section 322 of the Civil Code of California, as amended in 1876, provides that—
“Each, stockholder of a corporation is individually and personally…
2Cases cited31 opinions
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- Fourth Nat. Bank of NY v. FrancklynSupreme Court of the United States · 1887
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- Hotel Co. v. WadeSupreme Court of the United States · 1878
- Shellington v. . HowlandNew York Court of Appeals · 1873
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