Fell v. Securities Co. of North America
Court of Chancery of Delaware
Statement of the Case. The Securities Company of North America'having been dissolved by action of the directors and stockholders, and a receiver appointed therefor to wind up its affairs, and the liabilities of the company having been adjudicated and its assets converted into money, the receiver has by its petition represented that it will be necessary to call on the shareholders to pay the whole of the amount' of money unpaid on the capital stock up to par value' thereof,…
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Statement of the Case. The Securities Company of North America'having been dissolved by action of the directors and stockholders, and a receiver appointed therefor to wind up its affairs, and the liabilities of the company having been adjudicated and its assets converted into money, the receiver has by its petition represented that it will be necessary to call on the shareholders to pay the whole of the amount' of money unpaid on the capital stock up to par value' thereof, viz: the fifty per cent, thereof. Upon the filing of the petition an order was made fixing a time for hearing the…
1Opinion of the Court
The Chancellor.
The question raised by the answer of the administrator of Pyle respecting the liability of the decedent for the amount unpaid on the stock standing in his nanle is a new one in this jurisdiction, and though the amount involved is small the question is very important. During the winding up of the affairs of the corporation, which had been voluntarily dissolved, it was fqund that the assets of the . company when converted into money were insufficient to pay its ascertained liabilities, and fifty per cent, of the value of the stock being unpaid, steps were taken to collect the…
2Cases cited12 opinions
- Pauly v. State Loan & Trust Co.Supreme Court of the United States · 1897
- Finn v. BrownSupreme Court of the United States · 1891
- Harper v. CarrollSupreme Court of Minnesota · 1896
- Baines v. BabcockCalifornia Supreme Court · 1892
- Chemical National Bank v. ColwellNew York Court of Appeals · 1892
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3Cited by3 opinions
- John W. Cooney Co. v. Arlington Hotel Co.Court of Chancery of Delaware · 1917
- Geary Street, Park & Ocean Railroad v. RolphCalifornia Supreme Court · 1922
- Cahall v. LoflandCourt of Chancery of Delaware · 1920