Brown v. St. Paul Consolidated Oil Co.

GRAY, J., pro tem.

Plaintiffs, as stockholders of the defendant corporation, sought an adjudication that an assessment levied upon their stock and a subsequent sale of such stock for nonpayment of that assessment were void. The court found that the assessment was valid; that, while there were irregularities in the proceedings leading up to the sale, yet plaintiffs were not entitled to relief because of noncompliance with the provisions of section 347 of the Civil Code, and that plaintiffs’ laches barred their recovery. Upon this appeal from the judgment based on those findings, plaintiffs urge…