Cox v. Updegraff

This is an action by the receiver of an insolvent corporation to recover the amount due on an assessment against a stockholder under the double liability clause of the constitution of Minnesota. The Federal Crushed Stone Company is a corporation organized under the laws of Minnesota. In 1920, the State Securities Commissions of Minnesota and South Dakota each granted a license to the corporation to sell 300 shares of “fully paid and non-assessable” stock. In making these applications the company set forth the form of stock certificate which it proposed to issue. It appears therefrom that such…