Pfohl v. Simpson
New York Supreme Court
The complaint alleges the incorporation of The People’s Safe Deposit Company under chapter 816 of the laws of 1869, its insolvency, appointment of receivers thereof by this court, an adjudication of the bankruptcy thereof) and the appointment of assignees in bankruptcy under the national act; the insufficiency of the assets to pay the debts and liabilities of said institution; that the plaintiff is a creditor of said institution; that divers other creditors have brought…
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The complaint alleges the incorporation of The People’s Safe Deposit Company under chapter 816 of the laws of 1869, its insolvency, appointment of receivers thereof by this court, an adjudication of the bankruptcy thereof) and the appointment of assignees in bankruptcy under the national act; the insufficiency of the assets to pay the debts and liabilities of said institution; that the plaintiff is a creditor of said institution; that divers other creditors have brought actions at law against several stockholders; that the stockholders are made “ severally liable for all debts and liabilities…
1Opinion of the CourtHardin, J.
— The complaint confessedly states facts sufficient to render the several stockholders liable to respond in payment of the .debts and liabilities of the “People’s Safe Deposit Company, in an amount equal to the amount of the stock held and owned by them respectively ” (Laws of 1868, chap. 816, sec. 13).
The section expressly provides that this “ liability shall be in addition to their liability to pay in full the stock subscribed for or purchased by them.”
*343The stockholders’ liability is provided for by the constitu-tion of 1846; and the duty of imposing it was cast by the constitution upon the…
2Cases cited6 opinions
- Bangs v. . DuckinfieldNew York Court of Appeals · 1859
- Hook v. WhitlockNew York Court of Chancery · 1831
- The Sacketts Harbor Bank v. . CoddNew York Court of Appeals · 1858
- Cushmam v. ShepardNew York Supreme Court · 1848
- Rankine v. . ElliottNew York Court of Appeals · 1857
1 more not listed; retrieve them via the Exa API.
3Cited by2 opinions
- Commercial Bank v. WarthenSupreme Court of Georgia · 1904
- Persons v. GardnerAppellate Division of the Supreme Court of the State of New York · 1899