Aldine Manufacturing Co. v. Phillips
Michigan Supreme Court
Appeal from Kent; Grove, J. Bill by the Aldine Manufacturing Company against James T. Phillips to foreclose a lien upon stock. Prom a decree dismissing the bill on demurrer, complainant appeals.
1Opinion of the CourtHooker, J.
The defendant being a stockholder in the Aldine Manufacturing Company, that company filed the bill in this cause, claiming an indebtedness due to it from the defendant, upon open account, for $1,000 and upwards, and praying an accounting, and a decree of foreclosure of its lien upon his stock in default of payment. The lien is claimed to exist by virtue of section 416155, 3 How. Stat., which provides that the corporation shall at all times have a lien upon all the stock or property of its members invested therein, for all debts due from them to such corporation. The bill was demurred to on…
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