Payne v. Sparks

The appeal is from an order sustaining a demurrer to defendant’s answer. The action is by the receiver of an insolvent corporation to enforce the so-called double liability against defendant, a stockholder. There are seven cases all alike.

The complaint discloses that Lakeheld Livestock Sales Pavilion, Incorporated, was organized under the laws of this state, and that in proceedings to enforce stockholders’ liability an order was made levying a 100 per cent assessment against all owners of stock at the time the receiver was appointed; that defendant was a stockholder; that the assessment has…