Rathbone v. Ayer
Appellate Division of the Supreme Court of the State of New York
Appeal by the plaintiff, James B. Ráthbone, as trustee in bank-' ruptcy of Elmira Steel Company, a bankrupt, from an interlocutory judgment of the Supreme Court in favor of the defendant, F. Way-land Ayer, entered in the office of the clerk of the county of Chemung on the 6th day of December, 1902, upon the decision of" the court, rendered "after a trial at the Broome Special Term, sustaining said defendant’s demurrer, to the plaintiff’s complaint..
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Appeal by the plaintiff, James B. Ráthbone, as trustee in bank-' ruptcy of Elmira Steel Company, a bankrupt, from an interlocutory judgment of the Supreme Court in favor of the defendant, F. Way-land Ayer, entered in the office of the clerk of the county of Chemung on the 6th day of December, 1902, upon the decision of" the court, rendered "after a trial at the Broome Special Term, sustaining said defendant’s demurrer, to the plaintiff’s complaint.. The • complaint shows the appointment of the plaintiff as trustee-in bankruptcy of the Elmira Steel Company, a bankrupt; that the-said company…
1Opinion of the Court
Smith, J.:
By section 54 of the Stock Corporation Law (Laws of 1892, chap. 688, as amd. by Laws of 1901, chap. 354), as it read at the time of the commencement of this action, the holders of capital stock not fully paid in any stock corporation were made personally liable to its creditors to an amount equal to the amount unpaid on the stock held by them for debts of the corporation contracted while such stock was held by them. .This liability is wholly statutory and in the nature of a penalty. It is by the statute given to the creditors and not to the corporation, and clearly it does not pass…
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- Sanger v. UptonSupreme Court of the United States · 1875
- Hatch v. DanaSupreme Court of the United States · 1880
- Stoddard v. . LumNew York Court of Appeals · 1899
- Phoenix Warehousing Co. v. . BadgerNew York Court of Appeals · 1876
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- In re South Shore Co-operative Ass'nCourt of Appeals for the Second Circuit · 1939
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