National Bank of America v. Pacific Railway Co.
Appellate Court of Illinois
Bill by Creditors of a Corporation against Stockholders, etc.— Appeal from the Circuit Court of Cook County; the Hon. Oliver H. Horton, Judge, presiding. Heard in this court at the March term, 1896.
1Opinion of the Court
Mr. Presiding Justice Gary
delivered the opinion of the Court.
This case presents a question, arising not infrequently,, and of great and permanent interest.
It was once decided in this'court, but without the aid of the exhaustive argument that is now presented, and without that degree of consideration which we have now given it; and if that decision was wrong, we ought not to follow it.
That question is whether—in the absence of fraud— stockholders to whom stock is issued as full paid, in exchange for property of known less value than the nominal value of the stock, can be made liable to…
2Cases cited5 opinions
- Coleman v. HoweIllinois Supreme Court · 1895
- Union Mutual Life Insurance v. Frear Stone Manufacturing Co.Illinois Supreme Court · 1881
- Alling v. WenzellAppellate Court of Illinois · 1888
- Alling v. WenzellAppellate Court of Illinois · 1890
- Thayer v. El Plomo Mining Co.Appellate Court of Illinois · 1891
3Cited by2 opinions
- Van Cleve v. BerkeySupreme Court of Missouri · 1898
- Dean v. BaldwinAppellate Court of Illinois · 1902