Hawley v. Upton
Supreme Court of the United States
Error to the Circuit Court of the United States for the District of Iowa.' This is an action brought July-25,1873, by Clark W. Upton, assignee in bankruptcy of the Great Western Insurance Company of Chicago, 111., to recover from Theodore Hawley the unpaid instalments alleged to be due on his contract to subscribe to the capital stock of that company. ‘ The court, the case having been subjni'tted to it upon the pleadings and proofs without the intervention of a jury, found…
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Error to the Circuit Court of the United States for the District of Iowa.' This is an action brought July-25,1873, by Clark W. Upton, assignee in bankruptcy of the Great Western Insurance Company of Chicago, 111., to recover from Theodore Hawley the unpaid instalments alleged to be due on his contract to subscribe to the capital stock of that company. ‘ The court, the case having been subjni'tted to it upon the pleadings and proofs without the intervention of a jury, found the following facts : — “ The plaintiff is assignee in bankruptcy, as- alleged in -the petition. “On the second day of…
1Opinion of the Court
Me. Chief Jtjstice Waite
delivered the opinion of the court.
It cannot be doubted that one who has become bound as a subscriber to the capital stock of a corporation must pay his subscription if required to meet the obligations of the corporation. A certificate in hi's favor for the stock is not necessary to make him a subscriber. All that need be done, so far as creditors are concerned, is that the subscriber shall have bound himself to become a contributor to the fund which the capital stock of the corporation represents. If such an obligation exists, the courts can enforce the contribution…
2Cases cited1 opinion
- Upton v. TribilcockSupreme Court of the United States · 1875
3Cited by29 opinions
- Potts v. WallaceSupreme Court of the United States · 1892
- Bruner v. BrownIndiana Supreme Court · 1894
- Jupiter Corp. v. United StatesUnited States Court of Claims · 1983
- Gordon v. CummingsWashington Supreme Court · 1914
- Kohlmetz v. CalkinsAppellate Division of the Supreme Court of the State of New York · 1897
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