Cardwell v. Kelly
Supreme Court of Virginia
Error to a judgment of the Circuit Court of the city of Richmond, rendered Eebruary 18, 1897, in a proceeding by motion wherein the plaintiff in error was the plaintiff, and the defendant in error was the defendant.
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Error to a judgment of the Circuit Court of the city of Richmond, rendered Eebruary 18, 1897, in a proceeding by motion wherein the plaintiff in error was the plaintiff, and the defendant in error was the defendant. The plaintiff in error was the receiver of the Chancery Court ■ of the city of Richmond in the suit of Flournoy v. Virginia Steel, Iron & Slate Co., and as such receiver was directed to collect, by suit or otherwise, forty-five per cent, of the subscriptions to the stock of the defendant company. It was conceded that the company was insolvent, and that its creditors could not be…
1Opinion of the CourtRiely, J.
The sole question for decision is whether a subscriber- to the stock of a corporation, who was allured to make the subscription by the chance of being allotted a lot or lots in a drawing for distribution of lots of unequal value, can by reason thereof escape the payment of the money due on his subscription not to the corporation, but to its creditors, whose debts were contracted upon the faith of his and other subscriptions.
It is a fact conceded in the record that the corporation, the Virginia Steel, Iron & Slate Company, is insolvent, and that its creditors cannot be paid their debts unless…
2Cases cited3 opinions
- Martin v. South Salem Land Co.Supreme Court of Virginia · 1896
- Starke's Executors v. LittlepageCourt of Appeals of Virginia · 1826
- Stephens v. HallThe Superior Court of New York City · 1864
3Cited by11 opinions
- Maughs v. PorterSupreme Court of Virginia · 1931
- Heflinger v. HeflingerSupreme Court of Virginia · 1923
- Levy v. DavisSupreme Court of Virginia · 1914
- Tate v. Commercial Building Ass'nSupreme Court of Virginia · 1899
- Clay v. ButlerSupreme Court of Virginia · 1922
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