Pittsburg Steel Co. v. Baltimore Equitable Society
Supreme Court of the United States
ERROR TO THE COURT OF APPEALS OF THE STATE OF MARYLAND. The facts, which involve the constitutionality of a statute of Maryland providing remedy for enforcing the liability of stockholders of corporations, are stated in the opinion.
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ERROR TO THE COURT OF APPEALS OF THE STATE OF MARYLAND. The facts, which involve the constitutionality of a statute of Maryland providing remedy for enforcing the liability of stockholders of corporations, are stated in the opinion. Chapter 305 of the Acts of the General Assembly of Maryland of .1908, especially paragraph 64A thereof, impaired the obligation of the contract existing between the plaintiff in error and the defendant in error on the sixth day of April, 1908, thé date when said act became effective, and is. therefore unconstitutional, being in contravention of § 10 of Article I…
1Opinion of the CourtJustice Holmes
This is an action brought by the plaintiff in error as a creditor of the South Baltimore Steel Car and Foundry Company to recover its claim from the defendant/a holder of stock in that company the subscription for- which had not been fully paid. The action was begun on February 26, 1908, and at that date it could .be maintained. But in April a statute was enacted (Act of April 6, 1908, c. 305, Laws 1908, p. 58), making the stockholder’s liability assets of the corporation, saving the'rights of creditors at the date of the act, but providing that the exclusive remedy for such rights as against…
2Cases cited6 opinions
- Bernheimer v. ConverseSupreme Court of the United States · 1907
- Fourth Nat. Bank of NY v. FrancklynSupreme Court of the United States · 1887
- McGahey v. VirginiaSupreme Court of the United States · 1890
- Hawthorne v. CalefSupreme Court of the United States · 1865
- Henley v. MyersSupreme Court of the United States · 1910
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3Cited by21 opinions
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- Atkinson v. SappersteinCourt of Appeals of Maryland · 1948
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