McCullough v. Moss
Court for the Trial of Impeachments and Correction of Errors
On error from the supreme court. This was an action of debt, brought against the plaintiff in error as a stockholder in the Rossie Lead Mining Company, upon a promissory note dated October 9, 1839, for $4050, made in the name of the company and payable one year after date, to the order of Moss and Knapp, and by them endorsed and negotiated to the defendant in error upo'n an'existing indebtedness.
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On error from the supreme court. This was an action of debt, brought against the plaintiff in error as a stockholder in the Rossie Lead Mining Company, upon a promissory note dated October 9, 1839, for $4050, made in the name of the company and payable one year after date, to the order of Moss and Knapp, and by them endorsed and negotiated to the defendant in error upo'n an'existing indebtedness. The cause was first tried at the St. Lawrence circuit in July, 1842, and upon a bill of exceptions a new trial ordered at the May term of the supreme court in 1843. (See 5 Hill, 131.) It"was again…
1Opinion of the Court
Lott, Senator;
After a- careful examination of the act to incorporate the Rossie Lead Mining Company, (Laws of 1837, p. 441,) I have arrived at the conclusion that stockholders who were such at the time the debts due from the-corporation were contracted, and they, only, are liable for their payment. It was declared- by the second section of the act that the owners of the interests under the lease and the. supplemental agreement therein mentioned should be the owners of the capital stock in the proportion of their interests. They had, as appears by the contract of: September 12, 1836, with Moss…
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