Margarge & Green Co. v. Ziegler
Superior Court of Pennsylvania
Appeal, No. 94, Oct. T., 1898, by plaintiff, from decree of C. P. No. 3, Phila. Co., June T., 1897, No. 797, dismissing bill in equity. Hearing on bill and answer. It appears from the record that suit was brought to enforce personal liability of directors of the Franklin News Company for indebtedness of said company contracted by the directors to the amount of $27,000 in excess of the capital stock.
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Appeal, No. 94, Oct. T., 1898, by plaintiff, from decree of C. P. No. 3, Phila. Co., June T., 1897, No. 797, dismissing bill in equity. Hearing on bill and answer. It appears from the record that suit was brought to enforce personal liability of directors of the Franklin News Company for indebtedness of said company contracted by the directors to the amount of $27,000 in excess of the capital stock. It also appears that the defendant corporation had failed to file the certificate required by section 39, clause 8 of the corporation act of April 29,1874. The court below entered the following…
1Opinion of the Court
Opinion by
Smith, J.,
The plaintiff contends that the directors of the Franklin News Company are individually liable for the debt of the corporation to it, by reason of (1) their failure to file the certificate required by section 39, clause 8, of the corporation act of April 29, 1874, and (2) a corporate indebtedness of $27,000 in excess of the capital stock (according to the amended answer and agreement), contracted by them, and subsisting when the plaintiff’s claim was contracted. These grounds of the plaintiff’s demand are, as matters of fact, admitted by the defendants. The directors,…
2Cases cited1 opinion
- People's National Bank v. LoeffertSupreme Court of Pennsylvania · 1898
3Cited by4 opinions
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