Clayton v. Ore Knob Co.
Supreme Court of North Carolina
Civil ACTION, beard at Fall Term, 1891, of Ashb Superior Court, upon exceptions to referee’s report, Bynum, J., presiding. The plaintiffs, Clayton and Williams, brought this action to recover large sums of money due them from the defendant. In their complaint they alleged that the defendant was insolvent, and, for causes stated, demanded that a receiver be appointed to take charge of the property and wind up its business, etc.
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Civil ACTION, beard at Fall Term, 1891, of Ashb Superior Court, upon exceptions to referee’s report, Bynum, J., presiding. The plaintiffs, Clayton and Williams, brought this action to recover large sums of money due them from the defendant. In their complaint they alleged that the defendant was insolvent, and, for causes stated, demanded that a receiver be appointed to take charge of the property and wind up its business, etc. They were large stockholders as well as creditors of the defendant and were appointed receivers. They and other creditors obtained judgments against the defendants, and…
1DissentAvery, J.
The questions presented by the appeal are—
1. Whether the referee has found that the capital stock of the company was paid up in property, if not in cash.
2. Whether, if his report can be construed to mean that it was paid in land, a judgment creditor, who has not alleged fraud in the organization of the corporation, has the right to demand that the report be remanded for the purpose of *392ascertaining the value of the land conveyed in payment of stock, and of calling on the stockholders to pay his judgment, if the difference between the value of the property taken in lieu of cash for stock and…
2Cases cited4 opinions
- Goodrich v. Reynolds, Wilder & Co.Illinois Supreme Court · 1863
- Wordsworth v. . DavisSupreme Court of North Carolina · 1876
- Spense v. Iowa Valley Construction Co.Supreme Court of Iowa · 1873
- Smith v. North American Mining Co.Nevada Supreme Court · 1865