Johnson v. Fischer
Supreme Court of Minnesota
Appeal by defendant from a judgment of the district court for Steele county, where the action was tried before Buckham, J., without a jury. The case is stated in the opinion. The statute makes each stockholder liable to the amount of stock held or owned by him for corporate debts, and creates a right flowing directly from each stockholder to the creditor. The creditor has his remedy at law, and is not compelled to pursue his remedy in equity.
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Appeal by defendant from a judgment of the district court for Steele county, where the action was tried before Buckham, J., without a jury. The case is stated in the opinion. The statute makes each stockholder liable to the amount of stock held or owned by him for corporate debts, and creates a right flowing directly from each stockholder to the creditor. The creditor has his remedy at law, and is not compelled to pursue his remedy in equity. Van Hook v. Whitlock, 3 Paige, 409 ; Moss v. Oakley, 2 Hill, 265; Ilarger v. McCullough, 2 Denio, 119; Allen v. Sewall, 2 Wend. 327; Siminson v.…
1Opinion of the Court
Dickinson, J.*
This plaintiff recovered a judgment against the Meriden Mill Company, a manufacturing corporation, upon a debt *174contracted subsequent to the enactment of Laws 1878, c. 56, (Gen. St. 1878, c. 34, § 111,) imposing a personal liability upon the stockholders of such corporation. Execution upon such judgment having been returned unsatisfied, the plaintiff then commenced this action, as an action at law, against this defendant alone, who was a stockholder in the corporation, to recover the amount of such judgment. The capital stock of the corporation ($15,000) is held by 38…
2Cases cited3 opinions
- Allen v. WalshSupreme Court of Minnesota · 1879
- Coleman v. WhiteWisconsin Supreme Court · 1862
- Jones v. RahillySupreme Court of Minnesota · 1871
3Cited by13 opinions
- Patterson v. StewartSupreme Court of Minnesota · 1889
- Arthur v. WilliusSupreme Court of Minnesota · 1890
- Minneapolis Baseball Co. v. City BankSupreme Court of Minnesota · 1896
- McKusick v. Seymour, Sabin & Co.Supreme Court of Minnesota · 1892
- Mohr v. Minnesota Elevator Co.Supreme Court of Minnesota · 1889
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