Eames v. Doris
Illinois Supreme Court
Appeal from the Appellate Court for the First District;— heard in that court on appeal from the Circuit Court of Cook county; the Hon. Murray F. Tuley, Judge, presiding.
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Appeal from the Appellate Court for the First District;— heard in that court on appeal from the Circuit Court of Cook county; the Hon. Murray F. Tuley, Judge, presiding. This is a joint appeal, prosecuted hy Lucius B. Otis, as receiver of the State Savings Institution, and Melville C. Eames and others, creditors of that institution, from a decree dissolving an injunction which had been granted to restrain Elizabeth J. Doris, with other creditors of the institution, from prosecuting actions at law against its shareholders to enforce the stock liability under section 9 of its charter, and…
1Opinion of the CourtJustice Sheldon
The bank, here, by its charter, was empowered to transact ordinary commercial and other business, as well as to receive saving deposits and trust funds. As regards its commercial and other like business, no stock liability was created to guard against losses and deficiencies. The liability is confined to losses and deficiencies “as to the trust funds and saving funds deposited.”
This court has frequently held that an action at law by a single creditor will lie against any stockholder of an insolvent corporation, to enforce an individual liability created by its charter. Culver v. Third…
2Cases cited8 opinions
- Hornor v. HenningSupreme Court of the United States · 1876
- Briggs v. PennimanCourt for the Trial of Impeachments and Correction of Errors · 1826
- Culver v. Third National BankIllinois Supreme Court · 1872
- Wincock v. TurpinIllinois Supreme Court · 1880
- Perry v. TurnerSupreme Court of Missouri · 1874
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3Cited by23 opinions
- Golden v. CervenkaIllinois Supreme Court · 1917
- Perlman v. First National Bank of ChicagoAppellate Court of Illinois · 1973
- Queenan v. PalmerIllinois Supreme Court · 1886
- Heine v. DegenIllinois Supreme Court · 1935
- Bank of North America v. RindgeMassachusetts Supreme Judicial Court · 1891
18 more not listed; retrieve them via the Exa API.