Atlanta & Walworth Butter & Cheese Ass'n v. Smith
Wisconsin Supreme Court
Appeal from a judgment of tbe circuit court for Douglas county: A. J. ViNje, Circuit Judge. Action by a creditor of the Superior Produce Company, a Wisconsin corporation, to recover of its stockholders upon the-ground of their being personally liable for indebtedness incurred by the corporation in business carried on before one-half of its capital stock was subscribed for.
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Appeal from a judgment of tbe circuit court for Douglas county: A. J. ViNje, Circuit Judge. Action by a creditor of the Superior Produce Company, a Wisconsin corporation, to recover of its stockholders upon the-ground of their being personally liable for indebtedness incurred by the corporation in business carried on before one-half of its capital stock was subscribed for. The complaint contained two causes of action, one on an account for $115.44 and on a note for the same amount, both account and note having been duly assigned to the plaintiff., and the other for $549, a balance of account…
1Opinion of the Court
The following opinion was filed October 26, 1909:
Maeshall, J.
The ground, in the main, upon which the trial court decided that plaintiff was entitled to recover, is that a corporation cannot, lawfully, under any circumstances, buy in its own stock, paying therefor by assets of the company. It may be- that this states too broadly the learned circuit court’s view of the law, but it is warranted, it is thought, by the language of the decision, and is certainly warranted by the argument of counsel for respondent in support of the judgment, citing authorities from foreign jurisdictions, supposed to…
2Cases cited32 opinions
- Republic Life Insurance v. SwigertIllinois Supreme Court · 1890
- The City Bank of Columbus v. . Bruce and FoxNew York Court of Appeals · 1858
- Leland v. HaydenMassachusetts Supreme Judicial Court · 1869
- Clapp v. PetersonIllinois Supreme Court · 1882
- Dupee v. Boston Water Power Co.Massachusetts Supreme Judicial Court · 1873
27 more not listed; retrieve them via the Exa API.
3Cited by28 opinions
- Steven v. Hale-Haas Corp.Wisconsin Supreme Court · 1946
- Coleman v. TepelCourt of Appeals for the Third Circuit · 1916
- Gulf Pipe Line Co. v. LasaterCourt of Appeals of Texas · 1917
- Koeppler v. Crocker Chair Co.Wisconsin Supreme Court · 1930
- Johnson v. Canfield-Swigart Co.Illinois Supreme Court · 1920
23 more not listed; retrieve them via the Exa API.