Hinshaw v. Austin

The opinion of the court was delivered by

Pollock, J.:

Defendants in error, stockholders in an insolvent corporation, the Sylvia Milling Company, with a capital stock of $12,000, held in unequal amounts, guaranteed promissory notes of said corporation aggregating $1500. Upon default of payment, the holders of these notes reduced the same to judgments, less credits thereon. Defendants in error, Austin, Thompson, andYendig, paid these judgments, and brought this action for contribution against their coguarantors, and also against plaintiff in error, as stockholders of said corporation, to recover…