A Treatise on the Law of Insolvent and Failing Corporations

A Treatise on the Law of Insolvent and Failing Corporations

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1908 edition. Excerpt: ...The general rule, likewise applies when the stock is held as trustee for others,1' or for the company itself.'' It is sometimes provided in statutes that persons holding stock in a representative capacity, such as trustees, executors, and guardians, and persons holding stock as collateral security, shall not be personally liable as stockholders, but the person or estate represented, or the pledgor, as the case may be, shall be liable?" It may be, in a suit to enforce the stockholder's liability under these statutes, shown that the stock issued in form absolute, was given by way of col Where the transfer of the shares is not absolute, but is a pledge to secure a loan or other indebtedness, it is not necessary to have the transaction recorded on the stock-books in order to perfect the pledge, notwithstanding the fact that the stock is only transferable on said books.1 However, if the plcdgee's name appears on the corporate books as a full stockholder, he will be liable for the debts of the corporation as any other stockholder when it becomes insolvent; ' but the rule would be otherwise, if the stock continued to stand on the 106--Burgess v. Seligman, 107 U. S. 20, 27 L. ed. 359, 2 S. Ct. 10. 107----Burgess v, Seligman, 107 U. S. 20, 27 L. ed. 359, 2 S. Ct. 10, reaffirmed in Williams v. American National Bank, 85 Fed. 378, 379, 56 U. S. App. 321, 322. 108--Blonin v. Liquidators, 30 L. Ann. 714; Parker v. Bethal Hotel Co., 96 Tenn. 252, 31 L. R. A. 706, 34 S. W. 209. 109--I-Iolyoke Bank v. Burnham, 11 Cusb. (Mass) 183; Crew v. Breed, 10 Metc. (Mass) 569; Crease v. Babcock, 10 Metc. (Mass) 525; Wheelock v. Kost, 77 Ill, 296; Harper v. Carroll, 66 Minn. 487, 69 N. W. 610, 1069; Rosevelt v. Brown, 11 N....show more

Product details

  • Paperback | 258 pages
  • 189 x 246 x 14mm | 467g
  • Rarebooksclub.com
  • United States
  • English
  • black & white illustrations
  • 1236787218
  • 9781236787217