Taylor v. Cummings
Court of Appeals for the Seventh Circuit
Appeal from the Circuit Court of. the United States for the Northern District of Illinois. The appellants, judgment creditors of James H. Walker Company, an insolvent Illinois corporation, filed their bill to enforce an alleged liability of the stockholders of the corporation for unpaid subscriptions to the capital stock, and this appeal is from a decree overruling exceptions to the master’s report and dismissing the bill for want of equity.
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Appeal from the Circuit Court of. the United States for the Northern District of Illinois. The appellants, judgment creditors of James H. Walker Company, an insolvent Illinois corporation, filed their bill to enforce an alleged liability of the stockholders of the corporation for unpaid subscriptions to the capital stock, and this appeal is from a decree overruling exceptions to the master’s report and dismissing the bill for want of equity. The several opinions of Judge Jenkins (who heard the case below) on demurrers to the bill and amended bill, and on final hearing are reported as Taylor…
1Per curiam
The honest purpose of the members of the special partnership in organizing the corporation to take the place and assets of the firm and carry on the business in their interest, and their entire good faith in adopting the valuation of assets and fixing the amount of capital stock accordingly, are well established facts in the record. The circumstances of the transaction are free from indication of intention or motive to make the capital stock in excess of the fair value of the assets and trade which were to be retained in substantially the same ownership, and no attempt appears to escape…
2Cases cited9 opinions
- Handley v. StutzSupreme Court of the United States · 1891
- Camden v. StuartSupreme Court of the United States · 1892
- Fogg v. BlairSupreme Court of the United States · 1891
- Coit v. Gold Amalgamating Co.Supreme Court of the United States · 1886
- Patterson v. LyndeSupreme Court of the United States · 1883
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3Cited by3 opinions
- Babbitt v. ReadCourt of Appeals for the Second Circuit · 1916
- Babbitt v. ReadDistrict Court, S.D. New York · 1914
- Northern Bank & Trust Co. v. DayWashington Supreme Court · 1915