Bray v. . Farwell
New York Court of Appeals
Appeal from judgment of the General Term of the Supreme Court, in the first judicial department, affirming a judgment in favor of plaintiff entered upon the report of a referee. This action was brought by plaintiff as president of the Butterfield Despatch, a joint-stock company, to collect an assessment upon certain shares of the stock of the company owned by defendant. The material facts are set forth in the opinion.
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Appeal from judgment of the General Term of the Supreme Court, in the first judicial department, affirming a judgment in favor of plaintiff entered upon the report of a referee. This action was brought by plaintiff as president of the Butterfield Despatch, a joint-stock company, to collect an assessment upon certain shares of the stock of the company owned by defendant. The material facts are set forth in the opinion. At common law joint-stock companies are not distinguishable from partnerships. The members are subject to all the liabilities and rules that affect partnerships. (Lindley on…
1Opinion of the CourtEarl, J.
The Butterfield Overland Dispatch was a joint-stock company organized in the city of Hew York in March, 1865, for the purpose of carrying on an overland express business between eastern and western places in the United States, The capital of the company was to be $3,000,000, divided into 30,000 shares, of the par value of $100 for each share. After carrying on its business for a few months the company became largely indebted, and an assessment was made by its direct-tors upon its stockholders, of $40 per share, to raise money to meet its liabilities. It is claimed that the defendant was a…
2Cases cited3 opinions
- Hamilton & Deansville Plank Road Co. v. RiceNew York Supreme Court · 1849
- Oldtown & Lincoln Railroad v. VeazieSupreme Judicial Court of Maine · 1855
- Somerset & Kennebec Railroad v. CushingSupreme Judicial Court of Maine · 1858
3Cited by13 opinions
- Weston v. EsteySupreme Court of Colorado · 1896
- Eastern Products Corporations v. Tennessee Coal, Iron & R.Tennessee Supreme Court · 1924
- Morgan v. LandstreetCourt of Appeals of Maryland · 1909
- Myers v. SturgisAppellate Division of the Supreme Court of the State of New York · 1908
- Spraker v. PlattAppellate Division of the Supreme Court of the State of New York · 1913
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