Beals v. Buffalo Expanded Metal Construction Co.
Appellate Division of the Supreme Court of the State of New York
Appeal by the defendant, William H. Schmidt, from a judgment -of the Supreme Court in favor of the plaintiffs, entered in the office of the clerk of the county of Erie on the 12th day of June, 1899, upon the decision of the court rendered after a trial at the Erie Special Term.
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Appeal by the defendant, William H. Schmidt, from a judgment -of the Supreme Court in favor of the plaintiffs, entered in the office of the clerk of the county of Erie on the 12th day of June, 1899, upon the decision of the court rendered after a trial at the Erie Special Term. The Buffalo Expanded Metal Construction Company was a domestic corporation, the certificate for the creation of which bore date on the 15th day of January, 1898, and provided for a capital stock of $20,000. The defendant Schmidt signed the same on the eighteenth day of that month, agreeing to take $10,000 of such stock…
1Opinion of the Court
Spring, J.:
The. plaintiffs are judgment creditors of the corporation defendant and have brought this action to obtain a judgment sequestrating its property in pursuance of section 1784 of the Code of Civil Procedure. The contention is that the defendant Schmidt is a debtor of the company to the amount of stock for which he agreed to pay $10,000, and that indebtedness is an asset of the corporation and chargeable with the payment of its debts.
It was not necessary that certificates of stock be issued to Schmidt to constitute him a shareholder of the corporation. Ilis subscription created that…
2Cases cited10 opinions
- Wheeler v. . MillarNew York Court of Appeals · 1882
- Johnson v. . UnderhillNew York Court of Appeals · 1873
- Stoddard v. . LumNew York Court of Appeals · 1899
- Chemical National Bank v. ColwellNew York Court of Appeals · 1892
- Armstrong v. DanahyNew York Supreme Court · 1894
5 more not listed; retrieve them via the Exa API.
3Cited by12 opinions
- Stevens v. Episcopal Church History Co.Appellate Division of the Supreme Court of the State of New York · 1910
- Henry H. Bonsall, Jr., and Martha G. Bonsall, C. Jordan Vail and Nancy B. Vail v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1963
- John Miller Co. v. Harvey Mercantile Co.North Dakota Supreme Court · 1917
- Southworth v. MorganAppellate Division of the Supreme Court of the State of New York · 1911
- Granger & Co. v. AllenAppellate Division of the Supreme Court of the State of New York · 1925
7 more not listed; retrieve them via the Exa API.