Terry v. Little
Supreme Court of the United States
Error to the Circuit Court of the United States for the Western District of North Carolina. By sect. 4 of the charter of the Merchants’ Bank of South Carolina, at Cheraw, it was provided that, in case of the failure of the bank, “ each stockholder, copartnership, or body politic having a share or shares in the said bank at the time of such failure, or who shall have been interested therein at any time within twelve months previous to such failure, shall be liable and held…
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Error to the Circuit Court of the United States for the Western District of North Carolina. By sect. 4 of the charter of the Merchants’ Bank of South Carolina, at Cheraw, it was provided that, in case of the failure of the bank, “ each stockholder, copartnership, or body politic having a share or shares in the said bank at the time of such failure, or who shall have been interested therein at any time within twelve months previous to such failure, shall be liable and held bound individually for any sum not exceeding twice the amount of his, her, or their share or shares.” It is alleged in the…
1Opinion of the CourtChief Justice Waite
The individual liability of stockholders in a corporation .is always a creature of statute. It does not exist at common law. The first thing to be determined in all such cases is, therefore, what liability has been created. There will always be difficulty in attempting to reconcile cases of this class in which the general question of remedy has arisen, unless special attention is given to the precise language of the statute under consideration. The remedy must always be such as is appropriate to the liability to be enforced^ ■ The statute which creates the liability-may declare the purposes…
2Cases cited1 opinion
- Pollard v. BaileySupreme Court of the United States · 1874
3Cited by65 opinions
- Russell v. ToddSupreme Court of the United States · 1940
- Young v. Higbee Co.Supreme Court of the United States · 1945
- Fourth Nat. Bank of NY v. FrancklynSupreme Court of the United States · 1887
- Marshall v. . ShermanNew York Court of Appeals · 1895
- Harrison v. Remington Paper Co.Court of Appeals for the Eighth Circuit · 1905
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