Finch, Van Slyck & McConville v. Vanasek
Supreme Court of Minnesota
Application to the district court for Le Sueur county by John H. Lebens, as receiver of defendant corporation, for an order assessing stockholders therein preliminary to the enforcement of their constitutional liability. The application was heard before Morrison, J., who ordered an assessment upon each share of capital stock equal to the par value thereof. From the order of assessment, John F. Yanasek and Albert Sladek appealed.
1Opinion of the CourtBrown, C. J.
The Le Sueur County Co-operative Company, a corporation organized under the laws of this state, was engaged, among other things, in a general mercantile business. The stockholders thereof, as respects the debts of the corporation, are subject to the liability imposed by section 3 of article 10 of the Constitution. The corporation became insolvent and bankruptcy proceedings against it were had in the Federal court, wherein its effects and property were taken and the proceeds applied as the *11law requires. It appears, however, that the stockholders’ liability was not enforced in that proceeding.…
2Cases cited2 opinions
- Straw & Ellsworth Manufacturing Co. v. L. D. Kilbourne Boot & Shoe Co.Supreme Court of Minnesota · 1900
- Way v. BarneySupreme Court of Minnesota · 1911
3Cited by18 opinions
- Gile v. HudnuttMichigan Supreme Court · 1937
- State v. Mortgage Security Co. of Minnesota, Inc.Supreme Court of Minnesota · 1923
- Graff v. Minnesota Flint Rock Co.Supreme Court of Minnesota · 1920
- Greenfield v. Hill City Land, Loan & Lumber Co.Supreme Court of Minnesota · 1919
- Lebens v. NelsonSupreme Court of Minnesota · 1921
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