Pfohl v. . Simpson
New York Court of Appeals
Appeal from judgment of the General Term of the Supreme Court, in the fourth judicial department, affirming a judgment entered upon a decision of the court at Special Term.
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Appeal from judgment of the General Term of the Supreme Court, in the fourth judicial department, affirming a judgment entered upon a decision of the court at Special Term. This action was brought by plaintiff as creditor of the “ People’s Safe Deposit and Savings Institution of the State of New York,” incorporated under the act, chapter 816, Laws of 1868, on behalf of himself and other creditors, which corporation had become bankrupt, against its stockholders and assignees in bankruptcy, and such creditors as had brought suits at law against individual stockholders, to enforce the…
1Opinion of the CourtFolger, J.
This is a suit in equity brought by a creditor of a bankrupt incorporation, to assert his right to have payment of his debt, in whole or in part, from one or more of the stockholders of that incorporation. (See Laws of 1868, chap, 816, p. 1839.) The right of a creditor to recover of a stockholder rests upon the two-fold provision of the charter of the incorporation, which declares that the stockholders shall be severally liable for all debts of it, to an amount equal to the stock held by them respectively ; and shall also be liable to pay in full the stock subscribed for or bought by them.…
2Cases cited5 opinions
- The Erie Railway Company v. . RamseyNew York Court of Appeals · 1871
- Mathez v. . NeidigNew York Court of Appeals · 1878
- Mann v. . PentzNew York Court of Appeals · 1850
- Weeks v. . LoveNew York Court of Appeals · 1872
- Judson v. Rossie Galena Co.New York Court of Chancery · 1842
3Cited by44 opinions
- Lichtyger v. Franchard Corp.New York Court of Appeals · 1966
- Guffanti v. . National Surety Co.New York Court of Appeals · 1909
- Niagara Mohawk Power Corp. v. Graver Tank & Manufacturing Co.District Court, N.D. New York · 1979
- Zang v. WyantSupreme Court of Colorado · 1898
- Cushing v. PerotSupreme Court of Pennsylvania · 1896
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