Regener v. Hubbard
New York Supreme Court
Action by Louis O. Regener, as receiver of the Equitable Mutual Fire Insurance Corporation of Yew York, against one Hubbard, on a capital stock note executed by him. Judgment for plaintiff.
1Opinion of the CourtMcADAM, J.
The action is by the receiver of the Equitable Mutual Fire Insurance Corporation of Yew York on a capital stock note given *174by the defendant to assist in effecting the organization of the corporation under the insurance laws of the state. "The capital stock of such a corporation is a trust fund for the payment of its creditors, and where, as in this instance, the rights of innocent third persons attach, a fraud or breach of contract committed by a promoter to induce the subscription furnishes an original subscriber no defense to an action by a receiver of the corporation, representing its…
2Cases cited3 opinions
- Yonkers Gazette Co. v. JonesAppellate Division of the Supreme Court of the State of New York · 1898
- Raegener v. McDougallAppellate Division of the Supreme Court of the State of New York · 1898
- Yonkers Gazette Co. v. JonesAppellate Division of the Supreme Court of the State of New York · 1898
3Cited by2 opinions
- Equity Mut. Fire Ins. v. MurrayCourt of Appeals of Kentucky · 1909
- Regener v. WarnerNew York Supreme Court · 1899