Shadbolt & Boyd Iron Co. v. Long
Wisconsin Supreme Court
Appeal .from a judgment of-the circuit court for Door county:. A. IT. Reid, Judge. This action was brought under sec. 1773, Stats., by a creditor, of a bankrupt corporation, to enforce the personal liability of subscribers to stock, on the ground that fifty per cent, of the stock had not been subscribed as required by the statute.
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Appeal .from a judgment of-the circuit court for Door county:. A. IT. Reid, Judge. This action was brought under sec. 1773, Stats., by a creditor, of a bankrupt corporation, to enforce the personal liability of subscribers to stock, on the ground that fifty per cent, of the stock had not been subscribed as required by the statute. The complaint alleged that the corporation had been duly organized in 1916 and had transacted business; that in 1917 it had become indebted to plaintiff for goods sold and the debt had not been paid; that the authorized capital stock was $20,000 and that fifty per…
1Opinion of the CourtJones, J.
The first assignment of error is that the trial court held the action to be legal and not equitable. The material part of the statute under which the action was brought is as follows (sec. 1773, Stats.):
“No such. corporation shall transact business with any others than its members until at least one half of its capital stock shall have been duly subscribed; . . . and if any obligation shall be contracted in violation hereof, . . . the stockholders then existing, shall be personally liable upon the same.”
It was urged that actions for the enforcement of liability under this statute must be…
2Cases cited8 opinions
- Kollock v. ScribnerWisconsin Supreme Court · 1897
- Gager v. MarsdenWisconsin Supreme Court · 1899
- Sleeper v. GoodwinWisconsin Supreme Court · 1887
- Day v. BuckinghamWisconsin Supreme Court · 1894
- Foster v. PossonWisconsin Supreme Court · 1899
3 more not listed; retrieve them via the Exa API.
3Cited by4 opinions
- Schwenker v. BekkedalWisconsin Supreme Court · 1931
- Farrell v. SimonsSupreme Court of Oklahoma · 1937
- Cullen v. AbbottWisconsin Supreme Court · 1930
- Smith v. Doctors' Service Bureau, Inc.Appellate Court of Illinois · 1964