Kehlor v. Lademann
Missouri Court of Appeals
Error to the St. Louis Circuit Court, Boyle, J. The capital stock of a corporation is a trust-fund for the benefit of its creditors, and it must consist in money, or money’s worth, paid in at the time the stock is issued to shareholders, thereby enchancing the creditor’s security; or if the price be not paid, the purchaser’s indebtedness may be looked to for the like effect. — Chouteau v. Dean, 7 Mo. App. 210; Wight & Co. v. Steinkemeyer, 6 Mo.
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Error to the St. Louis Circuit Court, Boyle, J. The capital stock of a corporation is a trust-fund for the benefit of its creditors, and it must consist in money, or money’s worth, paid in at the time the stock is issued to shareholders, thereby enchancing the creditor’s security; or if the price be not paid, the purchaser’s indebtedness may be looked to for the like effect. — Chouteau v. Dean, 7 Mo. App. 210; Wight & Co. v. Steinkemeyer, 6 Mo. App. 575; Upton v. Tribelcock, 91 U. S. 45; Sawyer v. Hoag, 17 Wall. 610; Ogelvie v. Knox Ins. Co., 22 How. 380; Union National Bank v. Douglas, 1…
1Opinion of the CourtLewis, P. J.
This is a direct proceeding by the creditor of a corporation to recover against a stockholder an amount alleged to be due and unpaid upon his stock, in satisfaction of the plaintiff’s claim against the corporation. The cause was heard below upon the following agreed statement of facts : —
“ 1. On the thirtieth day of December, 1879, the Joseph Uhrig Brewing Company, a corporation of Missouri, made an assignment under the laws of this state to Lucien Eaton, assignee, for the benefit of its creditors, of all the property and effects of the corporation, by deed of that date, recorded in book 626,…
2Cases cited3 opinions
- Slee v. BloomNew York Supreme Court · 1822
- Phelan v. HazardU.S. Circuit Court for the District of Eastern Missouri · 1878
- Chouteau, Harrison & Valle v. DeanMissouri Court of Appeals · 1879
3Cited by8 opinions
- Van Cleve v. BerkeySupreme Court of Missouri · 1898
- Shickle v. WattsSupreme Court of Missouri · 1887
- Jackson v. TraerSupreme Court of Iowa · 1884
- Leucke v. TredwayMissouri Court of Appeals · 1891
- Farmers Bank v. GallaherMissouri Court of Appeals · 1891
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