Coit v. North Carolina Gold Amalgamating Co.
United States Circuit Court
Hearing on Bill, Answer, and Proofs. This was a bill filed by a judgment creditor of a corporation against the corporation and its stockholders for a decree for the payment by the stockholders of his debt. The material facts were as follows: In January, 1874, a number of persons who had been carrying on mining •operations under the name of “ The North Carolina Gold Amalgamating Company,” applied for and obtained a charter of incorporation under the same name.
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Hearing on Bill, Answer, and Proofs. This was a bill filed by a judgment creditor of a corporation against the corporation and its stockholders for a decree for the payment by the stockholders of his debt. The material facts were as follows: In January, 1874, a number of persons who had been carrying on mining •operations under the name of “ The North Carolina Gold Amalgamating Company,” applied for and obtained a charter of incorporation under the same name. The charter provided for minimum capital of $100,000, divided into 1,000 shares of $100 each, with power to increase the capital to…
1Opinion of the Court
Bradley, Justice,
{orally.) The case of Coit v. North Carolina Gold Amalgamating Co. et al. has received our consideration, and we are now prepared to announce an opinion. Complainant’s counsel have, by a very fair presentation of authorities, based the claim against the stockholders upon the doctrine that the capital stock of a corporation is a trust fund which is liable for the claims of creditors, and the general proposition cannot of course be controverted; that is to say, it is liable after a corporation becomes insolvent. Prior to its insolvency a corporation holds its property as any…
2Cited by8 opinions
- Lea v. Iron Belt Mercantile Co.Supreme Court of Alabama · 1906
- Rickerson Roller-Mill Co. v. Farrell Foundry & Machine Co.Court of Appeals for the Sixth Circuit · 1896
- Carnahan v. CampbellIndiana Supreme Court · 1902
- Gitt v. ZieglerCourt of Appeals for the Third Circuit · 1910
- Clark v. TompkinsCalifornia Supreme Court · 1928
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