Walton v. . Coe
New York Court of Appeals
Appeal from order of the General Term of the Supreme: Court in the first judicial department, made, January 23, 1888, which reversed a judgment entered upon an order sustaining a demurrer to plaintiff’s complaint and which overruled the. demurrer. (Reported below, 47 Hun, 160.) This action was brought as a creditor of “ The American.
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Appeal from order of the General Term of the Supreme: Court in the first judicial department, made, January 23, 1888, which reversed a judgment entered upon an order sustaining a demurrer to plaintiff’s complaint and which overruled the. demurrer. (Reported below, 47 Hun, 160.) This action was brought as a creditor of “ The American. Opera Company (Limited),” a limited liability corporation organized under the act, chapter 611, Laws of 1875, against defendant, a stockholder of said company, under section 37 of said act, on the ground that the capital stock had not been paid. in. The complaint…
1Opinion of the CourtAndrews, J.
This appeal jDresents the single question, whether a creditor’s action against a stockholder in a limited liabihty company, organized under the business corporations act (Chap. 611, of the Laws of 1875), for a debt of the corporation, upon the habihty imposed by section 37, can be maintained after a suit to recover the debt has been commenced against the corporation, but before judgment has been obtained therein against the corporation. It is purely a question of statutory construction. The Constitution, by article 8, .section 2, provides that dues from corporations shall be secured by such…
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