Rosoff v. Gilbert Transp. Co.
District Court, D. Connecticut
At Law. Action by Samuel ,R. Rosoff and others against the Gilbert Transportation Company to recover unpaid stock subscriptions. Cases suspended pending assessment of the amount necessary to pay debts and expenses.
1Opinion of the Court
HOLT, District Judge.
I regret to take any course which will cause any further delay in this case, already too protracted. But it is entirely clear, in my opinion, that the practice pursued in this matter of suing for the full amount due on stock subscriptions, without a preliminary assessment, was unauthorized. In the case of a solvent corporation, while a going concern, the directors, in their discretion, can call in all amounts unpaid on stock subscriptions; but in the case of a bankrupt corporation the trustee can only sue the stockholders for such amounts as have been determined by a…
2Cases cited5 opinions
- Scovill v. ThayerSupreme Court of the United States · 1882
- In re Remington Automobile & Motor Co.Court of Appeals for the Second Circuit · 1907
- Lewisohn v. StoddardSupreme Court of Connecticut · 1906
- Cumberland Lumber Co. v. Clinton Hill Lumber Manufacturing Co.Supreme Court of New Jersey · 1899
- In re Munger Vehicle Tire Co.Court of Appeals for the Second Circuit · 1908
3Cited by5 opinions
- Rosoff v. Gilbert Transp. Co.District Court, D. Connecticut · 1915
- Philips v. SlocombSuperior Court of Delaware · 1933
- In re Canister Co.District Court, D. New Jersey · 1918
- Business Advisory Bureau, Inc. v. StallforthAppellate Division of the Supreme Court of the State of New York · 1941
- Carpenter v. Griffith Mortgage Corp.Court of Chancery of Delaware · 1934