Bank of United States v. Dallam
Court of Appeals of Kentucky
Chancery. From the Circuit Court for Fayette County. An act incorporating a manufacturing company, provides that the estate and property of every individual shareholder shall be liable, in proportion to his interest, for all debts contracted by the corporation, while he holds stock—upon a failure ofthe corporate funds to discharge the j¡ame— f/eW,tliata judg mentj ex’on and return of no property,against the corporation, is sufficient ground for proceeding against the…
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Chancery. From the Circuit Court for Fayette County. An act incorporating a manufacturing company, provides that the estate and property of every individual shareholder shall be liable, in proportion to his interest, for all debts contracted by the corporation, while he holds stock—upon a failure ofthe corporate funds to discharge the j¡ame— f/eW,tliata judg mentj ex’on and return of no property,against the corporation, is sufficient ground for proceeding against the shareholders. The shareholders being liable, not in solido* but distributively, and being multitudinous; a court of eq. has…
1Opinion of the CourtChief Justice Roeertson
The Bank of the United States having, in November, 1820, obtained a judgment, for seven thousand dollars, with legal interest from February, 1820, against a private corporation styled ‘The Fayette paper manufacturing company,''’ and having had a fieri facias issued thereon, on which there was, early in 1821, a return of nulla bona—filed a bill in chancery against the stockholders of the company, in 1830, for subjecting their individual property, in proportion to the respective amounts of their several interests, in virtue of a provision in the charter of incorporation, in the following words:…
2Cited by6 opinions
- Thornton v. LaneSupreme Court of Georgia · 1852
- Harmon v. PageCalifornia Supreme Court · 1882
- Lexington & Ohio Railroad v. BridgesCourt of Appeals of Kentucky · 1847
- J. & P. Dudley v. LindseyCourt of Appeals of Kentucky · 1849
- Kilton, Warren & Co. v. Providence Tool Co.Supreme Court of Rhode Island · 1901
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