Jay Bridge Corp. v. Woodman
Supreme Judicial Court of Maine
Assumpsit. The defendant became, by purchase, the owner of nineteen shares in the plaintiff corporation, which was chartered in 1834. An assessment was afterwards laid upon them, and, to enforce the payment of that assessment, they were sold by the company. The proceeds of the sale were insufficient to pay the assessment, and this suit is brought to recover the balance.
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Assumpsit. The defendant became, by purchase, the owner of nineteen shares in the plaintiff corporation, which was chartered in 1834. An assessment was afterwards laid upon them, and, to enforce the payment of that assessment, they were sold by the company. The proceeds of the sale were insufficient to pay the assessment, and this suit is brought to recover the balance. The plaintiffs’ charter conferred the power of establishing by-laws, for regulating then affairs, not repugnant to the laws of the State. Their second by-law provides that sales of shares may be made to enforce the collection…
1Opinion of the CourtTenney, J.
It appears from the report of the case and the documents therein referred to, that the defendant held nine*576teen shares of the capital stock of the corporation, by assignment from Ephraim Woodman, who was the owner of the same shares as an original stockholder. After the transfer to the defendant, they were sold for the purpose of raising the amount of the assessments thereon. The avails of the sale being insufficient to cover the assessments and the costs of the sale, this action is brought for the recovery of the balance.
For the maintenance of the action, the plaintiffs rely upon-the Act of…
2Cited by1 opinion
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