Townley Metal & Hardware Co. v. Cramer

The parties appear here as they appeared in the trial court. The trial court sustained an objection to the introduction of evidence and dismissed plaintiff’s action for the reason that plaintiff’s petition upon its face showed that the cause' of action therein stated was barred by the statute of limitations.

The precise question presented by this appeal is: Does the statute of limitations begin to run against the right of a creditor of a corporation to recover from stockholders who have received “watered stock” from the corporation at the time when such stock was issued to such stockholders?

The…