Tallmadge v. Fishkill Iron Co.
New York Supreme Court
In Equity. On the 25th day of April. 1833, an association was formed between the individuals who were defendants in this suit and several other persons, for the purpose of purchasing a site, erecting a furnace, and conducting the business of raising ore, making iron, flouring wheat and other grain, sawing timber, In July, 1842, the bill in this cause was filed by the plaintiffs, as creditors of the Fishkill Iron Company, to obtain satisfaction of seven judgments which had…
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In Equity. On the 25th day of April. 1833, an association was formed between the individuals who were defendants in this suit and several other persons, for the purpose of purchasing a site, erecting a furnace, and conducting the business of raising ore, making iron, flouring wheat and other grain, sawing timber, In July, 1842, the bill in this cause was filed by the plaintiffs, as creditors of the Fishkill Iron Company, to obtain satisfaction of seven judgments which had been recovered by them severally against the corporation, in 1840 and 1841, amounting in the aggregate to $2962,20, upon…
1Opinion of the Court
By the Court, Harris, P. J.
I agree with the learned vice chancellor that, as against creditors, the transfer of the property, owned by the stockholders of the corporation on the 17th of April, 1834, to the corporation, could only be regarded as a payment upon the stock subscribed, to the extent of its value. The resolution of the directors to accept the property in full payment of the stock subscribed, was illegal and void as to the *388creditors of the corporation. They had no power to exempt themselves, or the other stockholders, from the payment of the whole amount of the stock subscribed. I…
2Cases cited2 opinions
- Edwards v. ClemonsNew York Supreme Court · 1840
- Collins v. AllenNew York Supreme Court · 1834
3Cited by12 opinions
- Shickle v. WattsSupreme Court of Missouri · 1887
- Van Cott v. . Van BruntNew York Court of Appeals · 1880
- Jackson v. TraerSupreme Court of Iowa · 1884
- Jerman's Adm'r v. BentonSupreme Court of Missouri · 1883
- Chouteau, Harrison & Valle v. DeanMissouri Court of Appeals · 1879
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