Chouteau Insurance v. Floyd
Supreme Court of Missouri
Appeal from Buchanan Circuit Court. — IIon. Jos. P. Grubb, Judge. 1. The officers of plaintiff could not make themselves creditors of the plaintiff corporation by voluntary payment of the corporate debts. If they, being also stockholders, paid at all, it was upon their obligation to do so as stockholders. 11 Am.
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Appeal from Buchanan Circuit Court. — IIon. Jos. P. Grubb, Judge. 1. The officers of plaintiff could not make themselves creditors of the plaintiff corporation by voluntary payment of the corporate debts. If they, being also stockholders, paid at all, it was upon their obligation to do so as stockholders. 11 Am. Law Reg., 530 ; Blanchard v. Association, 59 Me. 202 ; Anderson v. Blattau, 43 Mo. 42; Kritzer v. Woodson, 19 Mo. 327. Neither could they speculate in the liabilities of the company; any advantageous purchase made by them is, as between them and the company and the other stockholders,…
1Opinion of the CourtHenry, J.
In August, 1870, the defendant subscribed for fifteen shares of the capital stock of plaintiff, at the par value of $100, and then paid $21 on each share of said stock, and to secure the balance, $1,185, executed his note payable to plaintiff, “ on calls, or installments, as provided in the charter or by-laws, or under resolution of the board of directors of said company.” On the 18th of October, under a resolution of the board of directors, a call was made for payment of twenty-five per cent upon the capital stock of said corporation. This, on defendant’s stock, amounted to $315, which he…
2Cases cited6 opinions
- Upton v. TribilcockSupreme Court of the United States · 1875
- Kansas City Hotel Co. v. SauerSupreme Court of Missouri · 1877
- Gill v. BalisSupreme Court of Missouri · 1880
- State National Bank of St. Joseph v. RobidouxSupreme Court of Missouri · 1874
- Judah v. American Live Stock InsuranceIndiana Supreme Court · 1853
1 more not listed; retrieve them via the Exa API.
3Cited by12 opinions
- Van Cleve v. BerkeySupreme Court of Missouri · 1898
- Elderkin v. PetersonWashington Supreme Court · 1894
- Chrisman-Sawyer Banking Co. ex rel. Simpson v. Independence Wool Manufacturing Co.Supreme Court of Missouri · 1902
- Budd v. Multnomah Street Railway Co.Oregon Supreme Court · 1887
- Foster v. Belcher's Sugar Refining Co.Supreme Court of Missouri · 1893
7 more not listed; retrieve them via the Exa API.