Griswold v. Seligman
Supreme Court of Missouri
Appeal from Jasper Court of Common Pleas. — Hon. E. 0. Brown, Judge. The facts are stated iu the opinions. One who holds and uses stock, and so gets the benefit of it, is liable to the creditors of the corporation, even though it be issued as collateral security, or in trust to secure a debt due the corporation.
Read the full summary
Appeal from Jasper Court of Common Pleas. — Hon. E. 0. Brown, Judge. The facts are stated iu the opinions. One who holds and uses stock, and so gets the benefit of it, is liable to the creditors of the corporation, even though it be issued as collateral security, or in trust to secure a debt due the corporation. Wheelock v. Host, 77 111. 296; Pullman v. TJpton, 96 H. S. 329; National Bank v. Case, 99 H. S. 628. Respondents having voted the stock and enjoyed the privileges of stockholders, they should be held to a stockholder’s liability as to creditors, although the stock was originally given…
1Opinion of the Court
Sherwood. C. J.
1. Corporation: how liability as stockholder may be assumed. This appeal questions the correctness of the ruling which denied plaintiff’s motion for executi°n against defendants. The point thus presented for determination is, whether the defendants are answerable as stockholders. The relation of stockholder may be created not only by the usual •formalities of subscription and the acceptance of stock, but other acts are, in contemplation of law, the legal equivalent of those just mentioned. That is to say, conduct on the part of the person sought to be charged is, of itself,…
2Cases cited15 opinions
- Upton v. TribilcockSupreme Court of the United States · 1875
- Sanger v. UptonSupreme Court of the United States · 1875
- Webster v. UptonSupreme Court of the United States · 1876
- Pullman v. UptonSupreme Court of the United States · 1878
- Brewster v. HartleyCalifornia Supreme Court · 1869
10 more not listed; retrieve them via the Exa API.
3Cited by12 opinions
- Erskine v. LoewensteinSupreme Court of Missouri · 1884
- Adams v. ClarkSupreme Court of Colorado · 1906
- Skrainka v. AllenSupreme Court of Missouri · 1882
- Bray's Administrator v. Seligman's AdministratorSupreme Court of Missouri · 1881
- Union Savings Ass'n v. SeligmanSupreme Court of Missouri · 1887
7 more not listed; retrieve them via the Exa API.