Hancock National Bank v. Ellis
Massachusetts Supreme Judicial Court
Contract. The declaration alleged that' the plaintiff was a creditor of the Commonwealth Loan and Trust Company, a corporation organized under the laws of the State of Kansas ; that in December, 1893, it recovered judgment against said corporation for the sum of $16,136.76, and, execution having been taken out thereon, no property of the corporation could be found to be taken in satisfaction thereof, and the same was returned to the plaintiff wholly unsatisfied; that the…
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Contract. The declaration alleged that' the plaintiff was a creditor of the Commonwealth Loan and Trust Company, a corporation organized under the laws of the State of Kansas ; that in December, 1893, it recovered judgment against said corporation for the sum of $16,136.76, and, execution having been taken out thereon, no property of the corporation could be found to be taken in satisfaction thereof, and the same was returned to the plaintiff wholly unsatisfied; that the General Statutes of the State of Kansas of 1889, paragraph 1192, provide that, “ if any execution shall have been issued…
1Opinion of the CourtAllen, J.
This case comes up on demurrer to the plaintiff’s declaration. It is averred, in substance, that under the statute of Kansas, as interpreted by the decisions of the Supreme Court of that State, the liability of the defendant as a stockholder is a contractual liability, and arises upon the contract of subscription to the capital stock made by the defendant in becoming a stockholder, and that in subscribing to said stock and becoming a stockholder he thereby guaranteed payment to the creditors of an amount equal to the par value of the stock held and owned by him, which should be payable to the…
2Cases cited4 opinions
- Flash v. ConnSupreme Court of the United States · 1883
- New Haven Horse Nail Co. v. Linden Spring Co.Massachusetts Supreme Judicial Court · 1886
- Bank of North America v. RindgeMassachusetts Supreme Judicial Court · 1891
- First National Bank v. Hingham Manufacturing Co.Massachusetts Supreme Judicial Court · 1879
3Cited by24 opinions
- Howarth v. LombardMassachusetts Supreme Judicial Court · 1900
- Wyman v. BowmanCourt of Appeals for the Eighth Circuit · 1904
- Bell v. FarwellIllinois Supreme Court · 1898
- Edwards v. SchillingerIllinois Supreme Court · 1910
- Southworth v. . MorganNew York Court of Appeals · 1912
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