Hub Construction Co. v. New England Breeders' Club
Supreme Court of New Hampshire
Bill in Equity, brought by creditors of the New England Breeders’ Club to enforce the individual liability of its stockholders. The bill w'as filed December 17, 1908, by the Hub Construction Company and the Boston & "Maine Railroad; and in October and November, 1909, the town of Salem and the American Bank Note Company were joined as plaintiffs. The defendants are the Breeders’ Club and certain stockholders in that corporation.
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Bill in Equity, brought by creditors of the New England Breeders’ Club to enforce the individual liability of its stockholders. The bill w'as filed December 17, 1908, by the Hub Construction Company and the Boston & "Maine Railroad; and in October and November, 1909, the town of Salem and the American Bank Note Company were joined as plaintiffs. The defendants are the Breeders’ Club and certain stockholders in that corporation. The Breeders’ Club was incorporated by an act of the legislature. Laws 1905, c. 232. At the first meeting of the corporation, held July 20, 1905, the capital stock was…
1Opinion of the CourtYoung, J.
1. The capital was not paid in by Bissett telling the directors it had been and showing them $500,000 which he said belonged to the club; for the test to decide that question is to inquire whether what happened at the directors’ meeting was such a paying in of the capital as section 8, chapter 150, Public Statutes, contemplates (Pine River Bank v. Hodsdon, 46 N. H. 114, 116), and not whether the club could have recovered the money from those to whom it was returned.
2. The plaintiffs contend that the defendants are liable for the work the plaintiffs did for the club after May 8,…
2Cases cited2 opinions
- In Re Proving the Last Will & Testament of KennedyNew York Court of Appeals · 1901
- White v. GreenSupreme Court of Iowa · 1898
3Cited by1 opinion
- Guay v. Brotherhood Building Ass'nSupreme Court of New Hampshire · 1933