Marfield v. Cincinnati, D. & T. Traction Co.

These eases do not present a question of liability of stockholders where the indebtedness was incurred prior to November 3, 1903, and where the secondary liability has not been waived, but the question presented for determination is whether the waiver of liability at the time of the execution of the bonds and mortgage is valid and effective for any purpose, and, if so, whether it is effective in favor of the stockholders of the consolidated company, the Cincinnati, Dayton & Toledo Traction Company.

For the purposes of this discussion, it is admitted by the stockholders that, except for the…