Van Cott v. Van Brunt
New York Supreme Court
Trial by the court. David O. Van Cott, receiver of the Hudson Avenue Railroad Co., brought this action against James A. Van Brunt and Henry L. Slaght, as directors and holders of unpaid stock of the insolvent company. The grounds of relief which plaintiff claimed were established upon the trial were as follows: The company was organized in 1867 under the general railroad act, the capital stock being fixed by the articles of assoóiation at $200,000, in shares of $100 each.
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Trial by the court. David O. Van Cott, receiver of the Hudson Avenue Railroad Co., brought this action against James A. Van Brunt and Henry L. Slaght, as directors and holders of unpaid stock of the insolvent company. The grounds of relief which plaintiff claimed were established upon the trial were as follows: The company was organized in 1867 under the general railroad act, the capital stock being fixed by the articles of assoóiation at $200,000, in shares of $100 each. The defendants were subscribers to the articles of association, each being a subscriber for two of the original forty-two…
1Opinion of the CourtGilbebt, J.
I am inclined to think that the liability of directors of railroad corporations by virtue of part 1, c. 18, tit. 4, § 3, of the Revised Statutes (1 R. S. 602), has been taken away by section 16 of chapter 282 of the laws of 1843 (3 Edm. Stat. 645-6).* But as I shall put the decision of this case upon other grounds, I shall not stop to discuss that question.
*293There is no doubt respecting the liability of the defendants to pay the amount unpaid upon their formal subscriptions to the capital stock. While it is not so clear that a similar liability rests upon them in respect to the stock issued…
2Cases cited2 opinions
- Boynton v. . HatchNew York Court of Appeals · 1872
- Excelsior Petroleum Co. v. . LaceyNew York Court of Appeals · 1875
3Cited by5 opinions
- Shickle v. WattsSupreme Court of Missouri · 1887
- Lawrence v. GreenupCourt of Appeals for the Sixth Circuit · 1899
- Washington Mill Co. v. Sprague Lumber Co.Washington Supreme Court · 1898
- People v. Boston, Hoosac Tunnel & Western Rw. Co.New York Supreme Court · 1882
- Parsons v. HayesThe Superior Court of New York City · 1883