Hartford & New Haven Rail-Road v. Boorman
Supreme Court of Connecticut
This case differs from the preceding one of the same plaintiffs against Kennedy, in this particular only, that it isa suit brought against the defendants as assignees or purchasers of stock, who have received certificates of proprietorship from the plaintiffs, and have become stockholders in the company ; and it was instituted to recover instalments required to be paid on their shares, after they became stockholders.
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This case differs from the preceding one of the same plaintiffs against Kennedy, in this particular only, that it isa suit brought against the defendants as assignees or purchasers of stock, who have received certificates of proprietorship from the plaintiffs, and have become stockholders in the company ; and it was instituted to recover instalments required to be paid on their shares, after they became stockholders. The plaintiffs having obtained a verdict, pursuant to the direction of the judge, the defendants moved for a new trial for a misdirection. contended, That the personal liability…
1Opinion of the CourtHuntington, J.
The reasons for our decision subjecting the original subscribers to personal liability, apply, with equal force, to those wiio become stockholders by purchase. The relation of stockholder and company exists. A privity between them is created. The charter provides, in the 2nd section, that the shares shall be transferable in such manner as the by laws of the company direct; aud it is admitted, that the defendants, on the 16th day of December, 1835, (which was before any of the sums now sought to be recovered, were required by the directors to be paid,) were, and ever since have been, the…
2Cited by10 opinions
- Webster v. UptonSupreme Court of the United States · 1876
- Stoddard v. . LumNew York Court of Appeals · 1899
- Brant v. EhlenCourt of Appeals of Maryland · 1882
- Sigua Iron Co. v. . BrownNew York Court of Appeals · 1902
- Visalia & Tulare Railroad v. HydeCalifornia Supreme Court · 1895
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