Sutherland v. . Olcott
New York Court of Appeals
Appeal from judgment of the General Term of the Supreme Court, in the third judicial department, entered upon an order made February 2, 1883, which affirmed a judgment in favor of defendants entered upon a decision of the court on trial at Special Term.
Read the full summary
Appeal from judgment of the General Term of the Supreme Court, in the third judicial department, entered upon an order made February 2, 1883, which affirmed a judgment in favor of defendants entered upon a decision of the court on trial at Special Term. (Reported below, 29 Hun, 161.) This action was brought originally against Thomas W. Olcott, the present defendants’ testator, a stockholder of the Olcott Iron Manufacturing Company, to recover a debt of the corporation, on the ground that its capital stock had not been paid in. The material facts are stated in the opinion. By the proceedings…
1Opinion of the CourtAndrews, J.
The second section of the act (Chap. 431, Laws of 1867) incorporating the Albany Iron Manufacturing Company, fixed the capital stock at $300,000, with power to the company to increase the same from time to time as its business might require and as its board of directors might determine, to a sum not exceeding $1,000,000, and empowered the company to organize and commence business when $100,000 of the capital stock should be actually subscribed and $25,000 paid in in cash. The sixth section declared that the stockholders should be severally individually liable to the creditors of the^company…
2Cases cited1 opinion
- Strong v. . Brooklyn Cross-Town R.R. Co.New York Court of Appeals · 1883
3Cited by5 opinions
- Fitzpatrick v. McGregorSupreme Court of Georgia · 1909
- Cooke v. MarshallSupreme Court of Pennsylvania · 1899
- McCann v. First National Bank of JeffersonvilleIndiana Supreme Court · 1887
- The Huron Milling Company v. Elihu HedgesCourt of Appeals for the Second Circuit · 1958
- People v. Bankers' Loan & Investment Co.New York Court of Common Pleas · 1895