Pinney v. Nelson
Supreme Court of the United States
ERROR TO THE SURERIOR OOURT OE THE COUNTY OE LOS ANGELES, CALIFORNIA. This was an action- to enforce a personal liability of stockholders. It was commenced in a justice’s court of Los Angeles city, Los Angeles County, California, on September 80,1898, by the defendant in error against the plaintiffs in error. It was-subsequently transferred to the superior court of the copnty, where a trial was had on- January 1Y, 1900, before the court without a jury.
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ERROR TO THE SURERIOR OOURT OE THE COUNTY OE LOS ANGELES, CALIFORNIA. This was an action- to enforce a personal liability of stockholders. It was commenced in a justice’s court of Los Angeles city, Los Angeles County, California, on September 80,1898, by the defendant in error against the plaintiffs in error. It was-subsequently transferred to the superior court of the copnty, where a trial was had on- January 1Y, 1900, before the court without a jury. A stipulation was signed as to the truth of various averments in the complaint and answer, which concluded as follows: “ And it is stipulated…
1Opinion of the CourtJustice Beeweb
The plaintiffs in error rely upon the proposition that the liability of a stockholder is determined by the charter of the cor poration and the laws of tbe State in which the incorporation is had. “ If the .constitution to which a corporator has agreed. does not provide for individual liability to creditors, he cannot be charged with individual liability anywhere. (Morawetz on Corporations, 2d ed. sec. 874.)” They invoke the lex loci con- tractus, and say that the stockholders’ contract was made in Colorado, that being the State in which the Los Angeles Iron and Steel Company was incorporated…
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