Straw & Ellsworth Manufacturing Co. v. L. D. Kilbourne Boot & Shoe Co.
Supreme Court of Minnesota
Action in the district court for Hennepin county by a judgment creditor of defendant corporation for sequestration of its property. Horace R. Robinson, having been appointed receiver of defendant, filed a petition, pursuant to Laws 1899, c. 272, for an assessment of the stockholders. From an order, Brooks, J., directing such assessment, Louis D. Kilbourne and other stockholders appealed.
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Action in the district court for Hennepin county by a judgment creditor of defendant corporation for sequestration of its property. Horace R. Robinson, having been appointed receiver of defendant, filed a petition, pursuant to Laws 1899, c. 272, for an assessment of the stockholders. From an order, Brooks, J., directing such assessment, Louis D. Kilbourne and other stockholders appealed. When the stockholders subscribed the law was, and consequently it was a term in their contract, that in the event of insolvency of the corporation their liability for its debts should be ascertained in an…
1Opinion of the Court
COLLINS, 3.
The principal question involved in this appeal is that of the constitutionality of Laws 1899, c. 272, entitled “An act to provide for the better enforcement of the liability of stockholders of corpora*131tions.” Appellants contend that the course of procedure authorized by the act is without due process of law, and that as to stockholders who became such before its passage the act impairs the obligation of contracts.
The defendant corporation was declared insolvent in 1897, in proceedings instituted under G. S. 1894, c. 76, to sequestrate its assets; the petitioner, Eobinson, being…
2Cases cited26 opinions
- Kennedy v. GibsonSupreme Court of the United States · 1869
- Sanger v. UptonSupreme Court of the United States · 1875
- Hawkins v. GlennSupreme Court of the United States · 1889
- Hancock National Bank v. FarnumSupreme Court of the United States · 1900
- Great Western Telegraph Co. v. PurdySupreme Court of the United States · 1896
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3Cited by45 opinions
- Bennett v. WheatleySupreme Court of Georgia · 1922
- Rainey v. MichelCalifornia Supreme Court · 1936
- Lott v. DavidsonSupreme Court of Minnesota · 1961
- State v. Mortgage Security Co. of Minnesota, Inc.Supreme Court of Minnesota · 1923
- Converse v. AyerMassachusetts Supreme Judicial Court · 1908
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