American Mirror & Glass-Beveling Co. v. Bulkley
Michigan Supreme Court
Appeal from Kent; Adsit, J. Bill by the American Mirror & Glass-Beveling Company to establish the individual liability of the stockholders in the Michigan Cabinet Company for the payment of its debts. From a decree sustaining the demurrer of the defendant Abby A. Bulkley, complainant appeals.
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Appeal from Kent; Adsit, J. Bill by the American Mirror & Glass-Beveling Company to establish the individual liability of the stockholders in the Michigan Cabinet Company for the payment of its debts. From a decree sustaining the demurrer of the defendant Abby A. Bulkley, complainant appeals. A corporation, in the absence of legislative permission, has no legal right to begin its business operations and incur debts until the entire capital stock fixed by its charter has been subscribed, and, in case of failure to observe this requirement, the corporators are individually liable to the…
1Opinion of the CourtGrant, J.
The bill sets up the articles of association of the Princess Dressing-Case Company in full; alleges that said corporation began to do business; the amended articles by which its name was changed to the Michigan Cabinet Company, and its capital was increased to $100,000, and its shares to 10,000; the annual report; that said corporation did business until September, 1893, and created a large indebtedness; that at that time it gave a trust mortgage, and ceased to do business; that, at the time it gave said mortgage, all of its capital stock was not subscribed for, and had not all been paid in…
2Cases cited7 opinions
- Swartwout v. Michigan Air Line RailroadMichigan Supreme Court · 1872
- Burns v. Beck & Gregg Hardware Co.Supreme Court of Georgia · 1889
- Merchants & Manufacturers' Bank v. StoneMichigan Supreme Court · 1878
- International Fair & Exposition Ass'n v. WalkerMichigan Supreme Court · 1891
- Cresswell v. OberlyAppellate Court of Illinois · 1885
2 more not listed; retrieve them via the Exa API.
3Cited by7 opinions
- Doty v. PattersonIndiana Supreme Court · 1900
- Crouch v. GrayTennessee Supreme Court · 1926
- Staver & Abbott Manufacturing Co. v. BlakeMichigan Supreme Court · 1896
- Gow v. Collin & Parker Lumber Co.Michigan Supreme Court · 1896
- Weaver v. Atlantian Construction Co.California Court of Appeal · 1927
2 more not listed; retrieve them via the Exa API.