Jones v. Wiltberger
Supreme Court of Georgia
Personal Liability of Stockholders. Tried before Judge Schley. Chatham Superior Court. May Term, 1870. In March, 1869, Jones sued Wiltberger as a stockholder of the Mechanics’ Saving and Trust Association, on his personal liability, for the deposits made with the association by Jones, cestui que trust.
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Personal Liability of Stockholders. Tried before Judge Schley. Chatham Superior Court. May Term, 1870. In March, 1869, Jones sued Wiltberger as a stockholder of the Mechanics’ Saving and Trust Association, on his personal liability, for the deposits made with the association by Jones, cestui que trust. It was admitted that Jones, as trustee, was a depositor of the amount sued for, had recovered judgment against the corporation for that amount, had fi. fa. issued, and that the sheriff returned on it nulla bona; that the corporate stock was $250,000 00, its indebtedness for deposits, $198,510…
1Opinion of the CourtMcCay, J.
1. We do not doubt but that the defendant in this action, Mr. Wiltberger, may defend by showing that he has discharged himself from the liability cast upon him, as a stockholder, for the ultimate redemption of the deposits; nor do we think it at all material to the plaintiff in the suit how that liability was discharged. If he has taken up, cancelled, destroyed, an amount of the deposits due, equal to his proportionate share of the whole amount, he has performed his undertaking, complied with the obligation the charter imposes. What is it to the plaintiff whether he has paid the full amount,…
2Cited by10 opinions
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- Holland v. Heyman & BrotherSupreme Court of Georgia · 1878
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