Wilbur v. Hough
California Supreme Court
The “Peoples’ Steam Navigation Company” was established in 1858, with a capital stock of one hundred thousand dollars, divided into shares of two hundred and fifty dollars each. In May, 1868, the defendants became the owners of eight shares of the capital stock of the corporation. In September, 1869, the corporation made its promissory note for $3,000, by which it promised to pay to the order of the plaintiffs, said sum.
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The “Peoples’ Steam Navigation Company” was established in 1858, with a capital stock of one hundred thousand dollars, divided into shares of two hundred and fifty dollars each. In May, 1868, the defendants became the owners of eight shares of the capital stock of the corporation. In September, 1869, the corporation made its promissory note for $3,000, by which it promised to pay to the order of the plaintiffs, said sum. The note was signed “A. H. Wilbur, President Peoples’ Steam Navigation Co. J. W. Goad, Secretary P. S. N. Co.” The note was delivered to the plaintiffs. On the 25th of…
1Opinion of the Court
By the Court, Rhodes, J.:
It is alleged in the complaint that the Peoples’ Steam Navigation Company executed to the plaintiffs two promissory notes; that they remain due and unpaid; that the defendants became stockholders of said corporation—or “members of the said corporation,” as the complaint states —and that the defendants are liable to pay the plaintiffs a specified sum of money as their proportion of the indebtedness of the corporation. The defendants’ demurrer having been overruled, they answered, setting up the fact that at the time when the notes were made the plaintiffs were “the…
2Cases cited1 opinion
- President & Trustees v. San Diego & Los Angeles RailroadCalifornia Supreme Court · 1872
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- In re Disbarment of Evans & Rogers ex rel. NelsonUtah Supreme Court · 1900
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