Buchanan v. Bartow Iron Co.

Appellant was president of the Belleville Hail Mill Company, a corporation organized under the general law of 1857, and judgment was recovered against him in the Circuit Court by appellee, in an action of assumpsit for a debt of $4,935.37, contracted by the said nail company with the assent of appellant.

The supposed liability of appellant is predicated upon § 16 of the general incorporation law of 1872, Bev. Stat. 288. That section reads as follows: “ If the indebtedness of any stock corporation shall exceed the amount of its capital stock, the directors and officers of such corporation,…