Upton v. Englehart
U.S. Circuit Court for the District of Iowa
On demurrer to second special defence-pleaded in the answer. The action is by the-plaintiff [C. W. Upton] as assignee in bankruptcy of the Great Western Insurance Company of Chicago, to recover of the defendant [Andrew Englehart] the amount due on a. contract by which the defendant in September, 1870, became, as it is alleged, the purchaser of five shares of stock in that company.
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On demurrer to second special defence-pleaded in the answer. The action is by the-plaintiff [C. W. Upton] as assignee in bankruptcy of the Great Western Insurance Company of Chicago, to recover of the defendant [Andrew Englehart] the amount due on a. contract by which the defendant in September, 1870, became, as it is alleged, the purchaser of five shares of stock in that company. The petition sets out that the contract to purchase stock was verbal and that the-company delivered and the defendant accepted certificates for five shares thereof of $100-each; that the company sustained heavy…
1Opinion of the Court
DILLON, Circuit Judge.
Whoever becomes a stockholder in an incorporated company sustains a three-fold relation: First, to the artificial person called -the corporation. Second, to the other stockholders in the same company, or in other words, his associates or partners, who by force of statute are clothed with corporate capacity. And third, to the creditors of the corporation. It is essential to bear these several relations in mind in determining the questions here presented. The capital is supplied by the shareholders, who alone participate in the gains or pecuniary advantages which may…
2Cases cited3 opinions
- Mead v. . BunnNew York Court of Appeals · 1865
- McClellan v. ScottWisconsin Supreme Court · 1869
- The Robert W. ParsonsSupreme Court of the United States · 1903
3Cited by17 opinions
- Newton Nat. Bank v. NewbeginCourt of Appeals for the Eighth Circuit · 1896
- Stone v. WalkerSupreme Court of Alabama · 1917
- Gress v. KnightSupreme Court of Georgia · 1910
- Wallace v. HoodU.S. Circuit Court for the District of Kansas · 1898
- Lantry v. WallaceCourt of Appeals for the Eighth Circuit · 1899
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