Cushmam v. Shepard
New York Supreme Court
In Eq.xjity. This was an appeal by the defendant Shepard, from a decree of the late vice chancellor of the fifth circuit. The bill was filed by the complainants as creditors of “ The Phenix Manufacturing Company,” to recover from the defendants, who were alleged to be the stockholders composing said company, at the time of its dissolution, a debt which was then due and owing to the complainants, from the company.
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In Eq.xjity. This was an appeal by the defendant Shepard, from a decree of the late vice chancellor of the fifth circuit. The bill was filed by the complainants as creditors of “ The Phenix Manufacturing Company,” to recover from the defendants, who were alleged to be the stockholders composing said company, at the time of its dissolution, a debt which was then due and owing to the complainants, from the company. The bill was founded on the 7th section of the “ act relative to incorporations for manufacturing purposes,” passed March 22,1811; which section contained the following provision: “…
1Opinion of the CourtGridley, J.
When this case was before me as vice chancellor, it was disposed of on the hearing without any formal argument, upon a statement of the facts by the counsel for the complainants, which was assented to by the counsel for the de*118fendants other than Mr. Shepard, and mainly agreed to by his counsel. It was, however, insisted that Mr. Shepard was not liable as a stockholder, he having transferred his stock before the dissolution of the company to Edward Shepard, his son; and the evidence to prove such assignment was adverted to. But as in my judgment it failed to prove a delivery of the assignment…
2Cases cited2 opinions
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