Lake Superior Iron Co. v. . Drexel
New York Court of Appeals
Appeal from judgment of the G-eneral Term of the Supreme Court, in the first judicial department, entered upon an order made May 20, 1881, which affirmed a judgment in favor of defendant, entered upon a verdict. The nature of the action and the material facts are stated in the opinion. Until the capital of the Blair Iron and Steel Company is fully paid in the defendant is liable to the plaintiff.
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Appeal from judgment of the G-eneral Term of the Supreme Court, in the first judicial department, entered upon an order made May 20, 1881, which affirmed a judgment in favor of defendant, entered upon a verdict. The nature of the action and the material facts are stated in the opinion. Until the capital of the Blair Iron and Steel Company is fully paid in the defendant is liable to the plaintiff. (Laws of 1848, chap. 40, §§ 10, 14, 24; Laws of 1853, chap. 333, § 2.) It was properly left to the jury to decide whether or not the trustees acted honestly and in good faith, in valuing the patents…
1Opinion of the CourtEarl, J.
This is an action against the defendant as a stockholder of the Blair Iron and Steel Company to recover the amount of a debt due from that company to the plaintiff, on the ground that the company was not so organized as to protect its stockholders from individual liability. The company was organized January 6, 1873, under the General Manufacturing Act (Chap. 40 of the Laws of 1848), with a nominal capital of $2,500,-000, divided into twenty-five thousand shares of $100 each. The certificate of incorporation was signed by Blair, Struthers, Hall, Smith and Miller, who were also designated as…
2Cases cited2 opinions
- Douglass v. . IrelandNew York Court of Appeals · 1878
- Brockway v. IrelandNew York Supreme Court · 1880
3Cited by29 opinions
- Rowell v. . JanvrinNew York Court of Appeals · 1896
- Van Cleve v. BerkeySupreme Court of Missouri · 1898
- Elyton Land Co. v. Birmingham Warehouse & Elevator Co.Supreme Court of Alabama · 1890
- Macbeth v. BanfieldOregon Supreme Court · 1904
- Turner v. BaileyWashington Supreme Court · 1895
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