Vale Mills v. Spalding
Supreme Court of New Hampshire
Assumpsit, to recover $7,500, being the amount of an assessment voted June 13,1881, of $75 on each of one hundred shares of stock in the plaintiff corporation, for the purpose of paying a debt to one of its stockholders. Facts found by the court.
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Assumpsit, to recover $7,500, being the amount of an assessment voted June 13,1881, of $75 on each of one hundred shares of stock in the plaintiff corporation, for the purpose of paying a debt to one of its stockholders. Facts found by the court. October 21, 1875, the First National Bank of Nashua recovered judgment against one Saunders, on which an execution was issued and levied upon one hundred shares of stock in the Yale Mills, then owned by Saunders and standing in his name upon the books of the corporation. After due notice, the shares were sold at public auction to the defendant for $2…
1Opinion of the CourtBlodgett, J.
An inspection of the plaintiffs’ books shows that the stock bid off by the defendant at the execution sale still stands in the name of Saunders, and that for several years after the sale he continued to vote upon the stock as the owner thereof, with the presumed knowledge and assent of the plaintiffs.
The general rule is, that a person whose name appears on the books of a corporation is a shareholder both as to the corporation and the public (Thomp. Liab. St., s. 177), and so courts will not ordinarily look beyond the registered shareholder, nor inquire under what equities he holds, lb., s.…
2Cases cited3 opinions
- Marlborough Manufacturing Co. v. SmithSupreme Court of Connecticut · 1818
- Coleman v. SpencerIndiana Supreme Court · 1839
- Stockwell v. St. Louis Mercantile Co.Missouri Court of Appeals · 1880