Beals v. Buffalo Expanded Metal Construction Co.
Appellate Division of the Supreme Court of the State of New York
Appeal from special term, Erie county. Action by Edward P. Beals and others against the Buffalo Expanded Metal Construction Company and another. From a judgment for plaintiffs, defendants appeal.
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Appeal from special term, Erie county. Action by Edward P. Beals and others against the Buffalo Expanded Metal Construction Company and another. From a judgment for plaintiffs, defendants appeal. The Buffalo Expanded' Metal Construction Company was a domestic corporation, the certificate for the creation of which bore date on the 15th day of January, 1898, which provided for a capital stock of $20,000. The defendant Schmidt signed the same on the 18th day of that month, agreeing to take $10,-000 of such stock. He was named as one of the directors of the- corporation, and on the organization…
1Opinion of the CourtSpring, J.
The plaintiffs are judgment creditors of the corporation defendant, and have brought this action to obtain a judgment sequestrating its property, in pursuance of section 1784 of the Code of Civil Procedure. The contention is that the defendant Schmidt is a debtor of the company to the amount of stock for which he agreed to pay $10,000, and that indebtedness is an asset of the corporation, and chargeable with the payment of its debts. It was not necessary that certificates of stock be issued to Schmidt, to constitute him a shareholder of the corporation. His subscription created that relation.…
2Cases cited15 opinions
- Shellington v. . HowlandNew York Court of Appeals · 1873
- Wheeler v. . MillarNew York Court of Appeals · 1882
- Johnson v. . UnderhillNew York Court of Appeals · 1873
- Stoddard v. . LumNew York Court of Appeals · 1899
- Chemical National Bank v. ColwellNew York Court of Appeals · 1892
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3Cited by4 opinions
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- Central Consumers Wine & Liquor Co. v. CommissionerUnited States Board of Tax Appeals · 1925
- Bonsall v. CommissionerUnited States Tax Court · 1962