Thornton v. Balcom
Supreme Court of Iowa
Appeal from Hardin District Cowrt. — Hon. John L. Stevens, Judge. The defendants are stockholders in a corporation known as the “Lawn Hill Co-operative Creamery Company.” The said corporation was indebted to the plaintiff. He brought an action against the corporation, and recovered a judgment, and collected a part thereof from the corporation.
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Appeal from Hardin District Cowrt. — Hon. John L. Stevens, Judge. The defendants are stockholders in a corporation known as the “Lawn Hill Co-operative Creamery Company.” The said corporation was indebted to the plaintiff. He brought an action against the corporation, and recovered a judgment, and collected a part thereof from the corporation. Subsequently he brought this action to recover of the defendants the balance of his claim, upon the ground that the stockholders are individually liable for the debts of the corporation because of a failure to comply with the statute in the organization…
1Opinion of the CourtRothrock, J.
The law pertaining to the organization of corporations for pecuniary profit is to be found in chapter 1, title 9 of the Code. 1. Private corporations: articles of incorporation: statutory requirements. Certain acts are prescribed as necessary to be done to organize such a corporation, which include the publication of notice, the filing of the articles of incorporation, and the recording of the same in the office of the secretary of, state. After making these provisions pertaining to organization and publicity, section 1068 is as follows: ‘‘A failure to comply substantially with the foregoing…
2Cases cited5 opinions
- Eisfeld v. KenworthSupreme Court of Iowa · 1879
- First National Bank v. DaviesSupreme Court of Iowa · 1876
- Heuer v. CarmichaelSupreme Court of Iowa · 1891
- Marshall v. HarrisSupreme Court of Iowa · 1880
- Tama Water-Power Co. v. HopkinsSupreme Court of Iowa · 1890
3Cited by9 opinions
- Daily v. MarshallMontana Supreme Court · 1913
- Coalter v. BargaminSupreme Court of Virginia · 1901
- Crouch v. GrayTennessee Supreme Court · 1926
- Seaton v. GrimmSupreme Court of Iowa · 1899
- Smith v. ShermanSupreme Court of Iowa · 1901
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