Upton v. Burnham
District Court, N.D. Illinois
In bankruptcy. Motion for a new trial, after verdict for an unpaid subscription to stock, in a suit by the assignee in bankruptcy. The defendant, Telford Burnham, in the spring of 1871, purchased of one M. F. Hale fifteen shares of stock, of $1,000 each, in the Great Western Insurance Company of Chicago, upon which only twenty per cent, had been paid.
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In bankruptcy. Motion for a new trial, after verdict for an unpaid subscription to stock, in a suit by the assignee in bankruptcy. The defendant, Telford Burnham, in the spring of 1871, purchased of one M. F. Hale fifteen shares of stock, of $1,000 each, in the Great Western Insurance Company of Chicago, upon which only twenty per cent, had been paid. The certificates were what were called “non-assessable,” having those words stamped across their face, and contained the further clause that they were only transferable upon the books of the company upon surrender of the certificate, and were…
1Opinion of the Court
HOPKINS, District Judge.
Adhering to the views I expressed upon the trial, that the mere assignment of the certificate did not of itself constitute the assignee a stockholder, or create a liability upon the part of such transferee to pay the company the assessment in controversy, in support of which see Humble v. Langston, 7 Mees. & W. 517; Helm v. Swiggett, 12 Ind. 194; Mann v. Currie, 2 Barb. 294; Worrall v. Judson, 5 Barb. 210; Adderly v. Storm, 6 Hill, 624; Marlborough Manuf’g Co. v. Smith, 2 Conn. 579; and also that an equitable holder of stock is not liable to the corporation for stock…
2Cases cited8 opinions
- Chester Glass Co. v. DeweyMassachusetts Supreme Judicial Court · 1819
- Marlborough Manufacturing Co. v. SmithSupreme Court of Connecticut · 1818
- New Albany & Salem Railroad v. McCormickIndiana Supreme Court · 1858
- Chouteau Spring Co. v. HarrisSupreme Court of Missouri · 1855
- Hall v. United States InsuranceCourt of Appeals of Maryland · 1847
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3Cited by4 opinions
- Horton v. MercerCourt of Appeals for the Eighth Circuit · 1895
- Basting v. Northern Trust Co.Supreme Court of Minnesota · 1895
- Bank of Commerce v. Bank of NewportCourt of Appeals for the Eighth Circuit · 1894
- American National Bank v. Oriental MillsSupreme Court of Rhode Island · 1891