State v. Mortgage Security Co. of Minnesota, Inc.
Supreme Court of Minnesota
A. B. Darelius petitioned the district court for Hennepin county that it ascertain the probable amount of indebtedness of respondent corporation and levy a ratable assessment upon each share of stock. The matter was heard by Dickinson, J., who ordered an assessment equal to the par value of each share of capital stock.
1Opinion of the Court
Taylor, C.
This is a proceeding by the receiver of the Mortgage Security Company to enforce the constitutional liability of the stockholders of the company for the debts of the company. The articles of incorporation authorized the company to issue 10,000 shares of common stock and 10,000 shares of preferred stock, each of the par value of $50, amounting in the aggregate to the sum of $1,000,000. It actually issued 5,992 shares of common stock of the par value of $299,600, and 6,012 shares of preferred stock of the par value of *455•$300,600. The articles of incorporation limited the amount of…
2Cases cited32 opinions
- Marin v. AugedahlSupreme Court of the United States · 1918
- Ward v. JoslinSupreme Court of the United States · 1902
- Straw & Ellsworth Manufacturing Co. v. L. D. Kilbourne Boot & Shoe Co.Supreme Court of Minnesota · 1900
- Hanson v. DavisonSupreme Court of Minnesota · 1898
- Arthur v. WilliusSupreme Court of Minnesota · 1890
27 more not listed; retrieve them via the Exa API.
3Cited by20 opinions
- Badger v. HoidaleCourt of Appeals for the Eighth Circuit · 1937
- Webster v. U. S. I. Realty Co.Supreme Court of Minnesota · 1927
- McCabe Brothers Co. v. Farmers Grain Supply Co.Supreme Court of Minnesota · 1927
- Farwell, Ozmun, Kirk & Co. v. Goodhue County Co-Operative Co.Supreme Court of Minnesota · 1924
- Midland Co-Operative Wholesale v. Range Co-Operative Oil Ass'nSupreme Court of Minnesota · 1937
15 more not listed; retrieve them via the Exa API.