Elkhart Nat. Bank v. Northwestern Guaranty Loan Co.
Court of Appeals for the Third Circuit
Appeal from the Circuit Court of the United States for the Eastern District of Pennsylvania. This was a suit by the Elkhart National Bank, of Elkhart, Ind., against the Northwestern Guaranty Loan Company, of Minnesota, and Edward P. Allison and others, stockholders of said corporation, residing within the Eastern district of Pennsylvania. The purpose of the suit was to enforce the individual liability of stockholders.
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Appeal from the Circuit Court of the United States for the Eastern District of Pennsylvania. This was a suit by the Elkhart National Bank, of Elkhart, Ind., against the Northwestern Guaranty Loan Company, of Minnesota, and Edward P. Allison and others, stockholders of said corporation, residing within the Eastern district of Pennsylvania. The purpose of the suit was to enforce the individual liability of stockholders. The bill was dismissed for want of necessary parties defendant, and plaintiff appeals.
1Opinion of the Court
BUTLER, District Judge.
Can the suit be sustained? The bill avers, substantially, that the loan company was organized under the laws of Minnesota; that the individual defendants named, to- ■ gether with a large number of other persons not residents of Pennsylvania, hold its stock; that in May, 1893, the district court of Hennepin county, Minn., adjudged the company insolvent, in proceedings instituted under a statute of that state, and appointed a receiver, who took possession of its assets, and continues to hold them; that the plaintiff obtained a judgment against the company, since that…
2Cases cited11 opinions
- Shields v. BarrowSupreme Court of the United States · 1855
- Shaw v. Quincy Mining Co.Supreme Court of the United States · 1892
- Anderson v. WattSupreme Court of the United States · 1891
- Swan Land & Cattle Co. v. FrankSupreme Court of the United States · 1893
- Ribon v. Railroad CompaniesSupreme Court of the United States · 1873
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- Lewis v. ClarkCourt of Appeals for the Ninth Circuit · 1904
- Ozan Lumber Co. v. Davis Sewing Mach. Co.District Court, D. Delaware · 1922
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