Miners & Merchants Bank v. Snyder
Court of Appeals of Maryland
Appeal from the Court of Common Pleas. The liability of the stockholder to the creditor is contractual and not penal. Norris v. Wrenschall, 34 Md. 492; Colton v. Mayer, 90 Md. 716. The liability of the stockholders to the creditors is a primary obligation, that is, it is not necessary for the stockholder to exhaust his rights against the corporation before suing the stockholder.
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Appeal from the Court of Common Pleas. The liability of the stockholder to the creditor is contractual and not penal. Norris v. Wrenschall, 34 Md. 492; Colton v. Mayer, 90 Md. 716. The liability of the stockholders to the creditors is a primary obligation, that is, it is not necessary for the stockholder to exhaust his rights against the corporation before suing the stockholder. Hager v. Cleveland, 36 Md. 476, 480, 493; Norris v. Wrenschall, 34 Md. 492,499; Fiery v. Ermnert, 36 Md. 464, 474; Garhng v. Bechtel, 41 Md. 305, 326; Col-ton v. Mayer, 90 Md. 711; Clark & Marshall on Corporations,…
1Opinion of the CourtSchmucker, J.
On September 5th, 1903, the appellant, as a creditor of The City Trust and Banking Company, sued the appellee at law to enforce his statutory liability as a stockholder of that com pany for its debts. The defendant pleaded the general issue and a number of special pleas to which the plaintiff demurred. At the hearing of the demurrer the Court, looking to the first error in the pleadings, held that since the passage of ch. 337 of the Acts of 1904, the case disclosed by the declaration could no longer be maintained and sustained the demurrer as to that pleading. A judgment of dismissal was…
2Cases cited18 opinions
- Ogden v. SaundersSupreme Court of the United States · 1827
- Von Hoffman v. City of QuincySupreme Court of the United States · 1867
- Fourth Nat. Bank of NY v. FrancklynSupreme Court of the United States · 1887
- Tennessee v. SneedSupreme Court of the United States · 1877
- Hawthorne v. CalefSupreme Court of the United States · 1865
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3Cited by16 opinions
- Executors of Fooks v. GhingherCourt of Appeals of Maryland · 1937
- Stockholders of Peoples Banking Co. v. SterlingSupreme Court of the United States · 1937
- Burke v. Fidelity Trust CompanyCourt of Appeals of Maryland · 1953
- Lynch v. JacobsenUtah Supreme Court · 1919
- Murphy v. WheatleyCourt of Appeals of Maryland · 1906
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