Hastings Malting Co. v. Iron Range Brewing Co.
Supreme Court of Minnesota
Appeal by plaintiff and tbe intervening creditors of defendant brewing company from an order of the district court for St. Louis county, Charles L. Lewis, J., denying a motion for a new trial. The corporation was authorized not only to manufacture malt beer, but to sell and dispose of the same, and there is hence a double liability, as provided by Oswald v. St. Paul Globe Pub. Co., 60 Minn. 82, 61 N. W. 902; First Nat.
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Appeal by plaintiff and tbe intervening creditors of defendant brewing company from an order of the district court for St. Louis county, Charles L. Lewis, J., denying a motion for a new trial. The corporation was authorized not only to manufacture malt beer, but to sell and dispose of the same, and there is hence a double liability, as provided by Oswald v. St. Paul Globe Pub. Co., 60 Minn. 82, 61 N. W. 902; First Nat. Bank v. Winona Plow Works, 58 Minn. 167, 59 N. W. 997. There was such overvaluation as amounts to legal fraud. Boynton v. Andrews, 63 N. Y. 94; Hospes v. Northwestern Mnfg. &…
1Opinion of the Court
START, O. J.
This action was brought by the plaintiff, on behalf'of itself and all other creditors, against the defendant corporation and its stockholders, to enforce their alleged constitutional liability for the corporate debts, and to collect, and apply in payment of the claims of creditors, an alleged unpaid balance due upon the stock of the defendant stockholders; that is, the difference between the par value of their stock and the actual value of the property transferred to the corporation in full payment of stock issued to them. The defendant stockholders, by their answer, denied all…
2Cases cited3 opinions
- Hospes v. Northwestern Manuf'g & Car Co.Supreme Court of Minnesota · 1892
- First National Bank v. Gustin Minerva Consolidated Mining Co.Supreme Court of Minnesota · 1890
- First National Bank v. Winona Plow Co.Supreme Court of Minnesota · 1894
3Cited by19 opinions
- State Trust Co. v. TurnerSupreme Court of Iowa · 1900
- Wallace v. Carpenter Electric Heating Manufacturing Co.Supreme Court of Minnesota · 1897
- Downer v. Union Land Co.Supreme Court of Minnesota · 1911
- Northland Produce Co. v. StephensSupreme Court of Minnesota · 1911
- Nicollet National Bank v. Frisk-Turner Co.Supreme Court of Minnesota · 1898
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