Pettibone v. Toledo, Cincinnati, & St. Louis Railroad
Massachusetts Supreme Judicial Court
Bill in equity, filed on June 28, 1884, to reach and apply in payment of a claim of the plaintiffs against a foreign railroad corporation sums of money alleged to be due to such corporation from the other defendants, who alone defended. Service by publication only, in accordance with an order of notice duly issued, was made upon the railroad corporation,, which did not appear generally or specially.
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Bill in equity, filed on June 28, 1884, to reach and apply in payment of a claim of the plaintiffs against a foreign railroad corporation sums of money alleged to be due to such corporation from the other defendants, who alone defended. Service by publication only, in accordance with an order of notice duly issued, was made upon the railroad corporation,, which did not appear generally or specially. The bill, as amended, alleged that the plaintiffs were partners doing business in the city of Chicago as dealers in railroad equipments and supplies; that the Toledo, Cincinnati, and St. Louis…
1Opinion of the CourtField, J.
The first ground on which the plaintiffs contend that the bill may be maintained is, that the subscriptions of the defendants, which are described in the bill, are analogous to *414subscriptions for the capital stock of a corporation, and that such subscriptions constitute a trust fund for the benefit of the creditors of the corporation.
It has been held, that all persons who deal with a corporation deal with it on the faith that its capital stock will be applied, if necessary, to the payment of its debts, and that, if the statutes of a State permit a corporation to do business before the whole…
2Cases cited14 opinions
- Sawyer v. HoagSupreme Court of the United States · 1873
- Hatch v. DanaSupreme Court of the United States · 1880
- Hadden v. SpaderCourt for the Trial of Impeachments and Correction of Errors · 1822
- Ager v. MurraySupreme Court of the United States · 1882
- Bartlett v. . DrewNew York Court of Appeals · 1874
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3Cited by35 opinions
- Commonwealth v. BakerMassachusetts Supreme Judicial Court · 1975
- Stockbridge v. MixerMassachusetts Supreme Judicial Court · 1913
- Foster v. EvansMassachusetts Supreme Judicial Court · 1981
- Rioux v. CroninMassachusetts Supreme Judicial Court · 1915
- Bethlehem Fabricators, Inc. v. H. D. Watts Co.Massachusetts Supreme Judicial Court · 1934
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