McKelvey v. Crockett
Nevada Supreme Court
Appeal from the District Court of the Seventh Judicial District, Washoe County. The facts are stated in the opinion. I. The unpaid sum of money due from a stockholder to the corporation is a legal debt, and can be reached by a creditor of the corporation like any other debt due to it, or like any other of its assets. The corporation could recover the same by an action at law in assumpsit or debt, and can be garnisheed. (Pittsburgh C. P. Co. v. Byers, 32 Penn.
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Appeal from the District Court of the Seventh Judicial District, Washoe County. The facts are stated in the opinion. I. The unpaid sum of money due from a stockholder to the corporation is a legal debt, and can be reached by a creditor of the corporation like any other debt due to it, or like any other of its assets. The corporation could recover the same by an action at law in assumpsit or debt, and can be garnisheed. (Pittsburgh C. P. Co. v. Byers, 32 Penn. St. 22; Me Cully v. Pittsburgh C. R. Co., 32 Penn. St. 25; Peterson v. Sinclair, 83 Penn. St. 250 ; King v. Elliott, 5 S. & M. (Miss.)…
1Opinion of the Court
*241By the Court,
Belknap J.:
The plaintiff commenced an action by attachment against the Beno Savings Bank, a corporation existing under the laws of this state, and garnished the defendant, Crockett, upon the assumption that he was a debtor of the bank. Plaintiff recovered judgment against the bank; an execution was issued and returned nulla bona; and thereupon this action was instituted against the garnishee to enforce his liability. The liability is based upon the fact that Crockett was a subscriber to a portion of the capital stock of the corporation. It appeared that the subscriptions to the…
2Cases cited2 opinions
- Brown v. Union InsuranceSupreme Court of Louisiana · 1848
- Bingham v. RushingSupreme Court of Alabama · 1843
3Cited by3 opinions
- Matter of Twin Lakes Village, Inc.United States Bankruptcy Court, D. Nevada · 1980
- Universal Fire Ins. v. TaborSupreme Court of Colorado · 1891
- Valley Bank of Nevada v. DobsonNevada Supreme Court · 1981