King v. Sullivan
Supreme Court of Georgia
Equitable petition. Before Judge Henry. Eloyd superior court. March term, 1893. M. A. Sullivan filed Ms petition against Jack King, J. O. Clements, O. T. Clements, J. B. S. Holmes, J. W. Cavender, S. S. King, Park Harper, W. T. & O. H. McWilliams, R. T. Eouché, J. H. Rhodes, E. L. Culberson, J. C. Wardlaw, J. D. Williamson, and the Rome & Carrollton Construction Company, a foreign corporation which was made a party defendant by order passed after the filing of the original…
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Equitable petition. Before Judge Henry. Eloyd superior court. March term, 1893. M. A. Sullivan filed Ms petition against Jack King, J. O. Clements, O. T. Clements, J. B. S. Holmes, J. W. Cavender, S. S. King, Park Harper, W. T. & O. H. McWilliams, R. T. Eouché, J. H. Rhodes, E. L. Culberson, J. C. Wardlaw, J. D. Williamson, and the Rome & Carrollton Construction Company, a foreign corporation which was made a party defendant by order passed after the filing of the original petition, and which was served by publication only. A demurrer was filed by the defendants other than Williamson and the…
1Opinion of the Court
Lumpkin, Justice.
1. It is well settled law that unpaid stock subscriptions are assets of an insolvent corporation, which, when properly reached, may be applied for the benefit of its creditors. It is primarily the duty of the proper officers of the corporation to compel, for this purpose, payment of such unpaid subscriptions; but if they fail or refuse to call for and collect the same, a court of equity, by an appropriate proceeding, will enforce such collection, and properly apply the proceeds thereof to the claims of the creditors. To such a proceeding, however, the corporation itself is a…
2Cases cited1 opinion
- Pennoyer v. NeffSupreme Court of the United States · 1878
3Cited by14 opinions
- James Talcott, Inc. v. Allahabad Bank, Ltd.Court of Appeals for the Fifth Circuit · 1971
- Hood v. HoodSupreme Court of Georgia · 1908
- Byrd v. ClarkSupreme Court of Georgia · 1930
- Irons v. American National BankSupreme Court of Georgia · 1933
- Reynolds & Hamby Estate Mortgage Co. v. MartinSupreme Court of Georgia · 1902
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