Webber v. Leighton
Missouri Court of Appeals
Appeal from tbe St. Louis Circuit Court. cited : Schaeffer v. Phoenix Brewery Co., 4 Mo. App. 120 ; Noell v. Gaines, 68 Mo. 649 ; PondY. Smith, 4 Conn. 295 ; Railroad Co. v. Rhodes, 8 Ala. 206 : McClellan y. Kinnaird, 9 Gratt. 352 ; Marshall v. Cooper, 43 N. Y. 46; Lindsay v. Paige, 2 Paige, 581. As against a creditor, moving for execution against a stockholder, the latter cannot set off a debt of the corporation.
Read the full summary
Appeal from tbe St. Louis Circuit Court. cited : Schaeffer v. Phoenix Brewery Co., 4 Mo. App. 120 ; Noell v. Gaines, 68 Mo. 649 ; PondY. Smith, 4 Conn. 295 ; Railroad Co. v. Rhodes, 8 Ala. 206 : McClellan y. Kinnaird, 9 Gratt. 352 ; Marshall v. Cooper, 43 N. Y. 46; Lindsay v. Paige, 2 Paige, 581. As against a creditor, moving for execution against a stockholder, the latter cannot set off a debt of the corporation. The debts are not mutual, or in the same right. — Thomp. on Stock.,sects. 381-387 ; Story’s Eq. Jur. (11th ed.) 1436 a, 1437 b. But, in any event, the principal of the bonds, not…
1Opinion of the CourtBake well, J.
The case was submitted with Keystone Bridge Company v. Barstow, ante, p. 494. The statement in that case need not be repeated here ; the principles involved in both cases are the same up to a certain point, and are investigated in Skrainka v. Allen, 7 Mo. App. 433, to which we refer.
The additional question in this case arises .on this state of facts: Bridge, in his lifetime, purchased of the corporation twenty-five of its bonds, each for $1,000, with annual interest at seven per cent, with interest coupons. The bonds were dated March 1, 1874, and, by their terms, matured in March, 1886. The…
2Cases cited4 opinions
- Garrison v. . HoweNew York Court of Appeals · 1858
- Briggs v. PennimanCourt for the Trial of Impeachments and Correction of Errors · 1826
- Noell v. GainesSupreme Court of Missouri · 1878
- Baker v. City of St. LouisMissouri Court of Appeals · 1879
3Cited by7 opinions
- Jerman's Adm'r v. BentonSupreme Court of Missouri · 1883
- Merchants' Insurance v. HillMissouri Court of Appeals · 1882
- Washington Savings Bank v. Butchers & Drovers' BankSupreme Court of Missouri · 1895
- Coquard v. PrendergastMissouri Court of Appeals · 1889
- Austin Powder Co. v. Commercial Lead Co.Missouri Court of Appeals · 1908
2 more not listed; retrieve them via the Exa API.