Clark v. Bever
U.S. Circuit Court for the Southern District of Iowa
This is an action at law to recover from tlie personal representatives of George Greene 80 per cent, unpaid upon 910 shares of stock issued to him by the Burlington, Cedar Rapids & Minnesota Railway Company. The amount claimed is the sum of §65,523 20, with interest. It seems that George Greene was a stockholder of said company, and also a member of a construction company by which tho work of building had been dono.
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This is an action at law to recover from tlie personal representatives of George Greene 80 per cent, unpaid upon 910 shares of stock issued to him by the Burlington, Cedar Rapids & Minnesota Railway Company. The amount claimed is the sum of §65,523 20, with interest. It seems that George Greene was a stockholder of said company, and also a member of a construction company by which tho work of building had been dono. The railway company was indebted to the construction company in the sum of §70,000, without any means of making payment of tho same. The railway company was in fact insolvent. Its…
1Opinion of the CourtLove, J.
Whoever, in my opinion, takes the stock of a solvent corporation, must receive it cam enere. He proposes to become a member of *672the corporatioit, and to participate in its rights, profits, and benefits on equal terms with other stockholders, in proportion to his stock, and he cannot take these advantages without assuming the burdens of the corporation in like proportion to the amount of his stock. This may not be true, indeed, I think it is not true, of the case of an insolvent corporation which is in the course of settlement or liquidation. I cannot see that the creditors of a solvent…
2Cases cited14 opinions
- Clarke v. Lincoln Lumber Co.Wisconsin Supreme Court · 1884
- Jackson v. TraerSupreme Court of Iowa · 1884
- Stein v. HowardCalifornia Supreme Court · 1884
- McKim v. GlennCourt of Appeals of Maryland · 1887
- Brundage v. Monumental Gold & Silver Mining Co.Oregon Supreme Court · 1885
9 more not listed; retrieve them via the Exa API.
3Cited by1 opinion
- Lea v. Iron Belt Mercantile Co.Supreme Court of Alabama · 1906