Douglass v. . Ireland
New York Court of Appeals
Appeal from judgment of" the General Term of the Supreme Court in the fourth judicial department, affirming a judgment in favor of plaintiff, entered upon a verdict.
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Appeal from judgment of" the General Term of the Supreme Court in the fourth judicial department, affirming a judgment in favor of plaintiff, entered upon a verdict. This action was brought against defendant as a stockholder of “The Black River Iron and Mining Company of New York,” a corporation organized under the general manufacturing act (chap. 40, Laws of 1848), under section 10 of said act, to recover certain debts of the corporation, on the ground that his stock was not paid up. The complaint alleged, in substance, the incorporation of said company with a capital stock of $300,000, with…
1Opinion of the CourtAllen, J.
The question upon which this court divided in Boynton v. Hatch (47 N. Y., 225) has been definitely settled by the later decisions of this court as well as the Commission of Appeals. The views I there expressed, and which were agreed to by two of my brethren, have been approved,„ and it is now settled that to charge a holder of stock, issued upon.and for the purchase of property, individually for the debts of the company, it is not enough to prove that the property has been purchased and paid for at an over valuation through a mere mistake or error of judgment on the part of the trustees, but…
2Cases cited3 opinions
- Boynton v. . HatchNew York Court of Appeals · 1872
- Schenck v. . AndrewsNew York Court of Appeals · 1874
- Schenck v. . AndrewsNew York Court of Appeals · 1871
3Cited by39 opinions
- Rowell v. . JanvrinNew York Court of Appeals · 1896
- Van Cleve v. BerkeySupreme Court of Missouri · 1898
- Coleman v. HoweIllinois Supreme Court · 1895
- Elyton Land Co. v. Birmingham Warehouse & Elevator Co.Supreme Court of Alabama · 1890
- Lake Superior Iron Co. v. . DrexelNew York Court of Appeals · 1882
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