Merchants' Mutual Adjusting Agency v. Davidson

This is an action by a judgment creditor of the Visalia Publishing House, a corporation, to collect from defendant as a stockholder therein an unpaid balance alleged to be due from him to the corporation upon shares of the stock therein, the corporation being insolvent.

Defendant appeals from a judgment rendered in favor of plaintiff.

While the corporation was a going concern defendant purchased from it shares of its capital stock of the par value of one thousand dollars, for which he paid two hundred and fifty dollars and has paid no more.

The first point urged by defendant for a reversal is…