Firestone Tire Rubber Co. v. . Agnew
New York Court of Appeals
Appeal, by permission, from an order of the Appellate Division of the Supreme Court in the first judicial department, entered November 11, 1908, which affirmed an interlocutory judgment of Special Term sustaining a demurrer to the complaint. The following question was certified : “ Does the complaint state facts sufficient to constitute a cause of action against the defendants ? ” The nature of the action and the facts, so far as material, are stated in the opinion.
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Appeal, by permission, from an order of the Appellate Division of the Supreme Court in the first judicial department, entered November 11, 1908, which affirmed an interlocutory judgment of Special Term sustaining a demurrer to the complaint. The following question was certified : “ Does the complaint state facts sufficient to constitute a cause of action against the defendants ? ” The nature of the action and the facts, so far as material, are stated in the opinion. The composition in bankruptcy extinguished the debt and, therefore, made it impossible' for the plaintiff to obtain judgment,…
1Opinion of the CourtVann, J.
By this action the plaintiff, in behalf of itself and the other creditors of a bankrupt corporation known as the Vehicle Equipment Company, sought to recover from the defendants, as stockholders thereof, pursuant to the provisions of section fifty-four of the Stock Corporation Law, the balance unpaid on their stock subscriptions to the extent necessary to satisfy the unpaid indebtedness of said corporation.
Section fifty-four provides, among other things, that “Every holder of capital stock not fully paid, in any stock corporation, shall be personally liable to its creditors, to an amount…
2Cases cited3 opinions
- Shellington v. . HowlandNew York Court of Appeals · 1873
- Hardman v. . SageNew York Court of Appeals · 1891
- United Glass Co. v. . VaryNew York Court of Appeals · 1897
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- John W. Cooney Co. v. Arlington Hotel Co.Supreme Court of Delaware · 1918
- In re Jassoy Co.Court of Appeals for the Second Circuit · 1910
- Bottlers Seal Co. v. RaineyNew York Court of Appeals · 1926
- Assets Realization Co. v. HowardNew York Supreme Court · 1911
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