Smith v. Prior
Supreme Court of Minnesota
Appeal by plaintiff, John Day Smith, from an order of the District Court of Hennepin County, Robert Jamison, J., made March 7, 1894, denying his motion for a new trial. On March 9, 1891, the Cyclone Steam Snow Plow Company, a corporation, being insolvent, made an assignment of all its property to the plaintiff in trust for the benefit of its creditors.
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Appeal by plaintiff, John Day Smith, from an order of the District Court of Hennepin County, Robert Jamison, J., made March 7, 1894, denying his motion for a new trial. On March 9, 1891, the Cyclone Steam Snow Plow Company, a corporation, being insolvent, made an assignment of all its property to the plaintiff in trust for the benefit of its creditors. He accepted and in February, 1893, brought this action against the defendants, Charles H. Prior and twenty six others, stockholders of the corporation, to collect the unpaid balance of their subscriptions to the capital stock. The defendants…
1Opinion of the CourtMitchell, J.
This was an action by the assignee of an insolvent corporation to recover from its stockholders unpaid stock subscriptions, the allegations of the complaint being merely that no part of the stock owned and held by the several defendants had been paid, except a certain specified sum. The pleading must be construed as declaring on a cause of action due from the stockholders to the corporation and founded on contract.
1st. Upon the trial, the plaintiff offered evidence tending to prove that the corporation had accepted, as full payment for the stock, property that was greatly overvalued and…
2Cases cited1 opinion
- Hospes v. Northwestern Manuf'g & Car Co.Supreme Court of Minnesota · 1892
3Cited by3 opinions
- State Trust Co. v. TurnerSupreme Court of Iowa · 1900
- Schmidt v. ConstansSupreme Court of Minnesota · 1901
- McClure v. Paducah Iron Co.Missouri Court of Appeals · 1901