Chouteau, Harrison & Valle v. Dean
Missouri Court of Appeals
Error to St. Louis Circuit Court. The creditor deals not on the credit of the corporators, and therefore the personal responsibility of stockholders is inconsistent with the nature of a body corporate. — Meyers v. Irwin, 2 Serg. & E. 371 ; Ang. & Ames on Corp. 31, note 4. The stock in question having been issued to defendant as full paid, with the agreement that he should not be called upon to pay any greater price therefor than he actually did pay, there can be no recovery.…
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Error to St. Louis Circuit Court. The creditor deals not on the credit of the corporators, and therefore the personal responsibility of stockholders is inconsistent with the nature of a body corporate. — Meyers v. Irwin, 2 Serg. & E. 371 ; Ang. & Ames on Corp. 31, note 4. The stock in question having been issued to defendant as full paid, with the agreement that he should not be called upon to pay any greater price therefor than he actually did pay, there can be no recovery. — Robertson v. Sibley, 10 Minn. 323 ; Phelan v. Hazzard, 6 Cent. L. J. 109 ; Spear v. Graxoford, 14 Wend. 20 ; Palmer…
1Opinion of the CourtLewis, P. J.
The Carondelet Railway Company was incorporated in May, 1874, with an authorized capital stock of $300,000, divided into six hundred shares, at $50 each. It became indebted to the plaintiff, also a corporation, upon certain coupons amounting to $2,050, and in April, 1876, became insolvent and was dissolved. This suit was instituted under Wagner’s Statutes, p. 293, sect. 22, against the defendant as the holder of unpaid stock to the amount of $10,000.
It appears that prior to August 21, 1874, the defendant was a director of the company. On that day he was elected secretary and treasurer. The…
2Cases cited5 opinions
- Slee v. BloomNew York Supreme Court · 1822
- Burke v. SmithSupreme Court of the United States · 1873
- Boynton v. . HatchNew York Court of Appeals · 1872
- Schaeffer v. Missouri Home InsuranceSupreme Court of Missouri · 1870
- Tallmadge v. Fishkill Iron Co.New York Supreme Court · 1848
3Cited by13 opinions
- Van Cleve v. BerkeySupreme Court of Missouri · 1898
- Shickle v. WattsSupreme Court of Missouri · 1887
- Garrett v. Kansas City Coal Mining Co.Supreme Court of Missouri · 1892
- Foster v. Belcher's Sugar Refining Co.Supreme Court of Missouri · 1893
- Meyer v. Ruby Trust Mining & Milling Co.Supreme Court of Missouri · 1905
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