Sawyer v. Hoag
Supreme Court of the United States
About the 1st of April, 1865, and prior, therefore, to the passage of the Bankrupt Act of 1867, the directors of the ■Lumberman’s Insurance Company of Chicago — a company then recently incorporated and authorized to begin business on a capital of $100,000, of which not less than one-tenth should be paid in, the residue to be secured — invited subscriptions to the capital stock of the company; stating, in most instances, to those whom they invited to subscribe, that only 15…
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About the 1st of April, 1865, and prior, therefore, to the passage of the Bankrupt Act of 1867, the directors of the ■Lumberman’s Insurance Company of Chicago — a company then recently incorporated and authorized to begin business on a capital of $100,000, of which not less than one-tenth should be paid in, the residue to be secured — invited subscriptions to the capital stock of the company; stating, in most instances, to those whom they invited to subscribe, that only 15 per cent, would be required to be paid down in cash, and that the remaining 85 per cent, would be lent back to the…
1Opinion of the CourtJustice Miller
The first aud most important question to be decided in this case is whether the indebtedness of the appellant to the insurance company is to be treated, for the purposes of this suit, as really based on a loan of money by the company to him, or as representing his- unpaid stock subscription.
The charter under which the company was organized'authorized it to commence business upon a capital stock .of $100,000, with ten thousand paid in, and' the remainder •secured by notes with mortgages on'real estate or otherwise. The transaction by which the appellant professes to have paid up his stock…
2Cited by252 opinions
- Upton v. TribilcockSupreme Court of the United States · 1875
- Richmond v. IronsSupreme Court of the United States · 1887
- Scovill v. ThayerSupreme Court of the United States · 1882
- Cumberland Glass Manufacturing Co. v. De Witt & Co.Supreme Court of the United States · 1915
- Handley v. StutzSupreme Court of the United States · 1891
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