ISBN: 9780217275279

This historic book may have numerous typos, missing text or index. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. 1915. Not illustrat… More...

This historic book may have numerous typos, missing text or index. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. 1915. Not illustrated. Excerpt: ... Sullivan v. Farnsworth. The remedy of the creditor to finally look to stockholders who have not paid in full for their stock after the other assets have proven inadequate is applied by the American courts generally. The capital stock, especially unpaid subscriptions, constitute, in equity, a trust fund for the benefit of creditors, and the stockholders may be compelled to make payment upon his stock to its par, if so much is necessary to pay debts. Shannon''s Code, sec. 2058; Sweeney v. Railroad, 118 Tenn., 297, 314, 100 S. W., 732; Jones v. Whitworth, 94 Tenn., 602, 30 S. W., 736; Shields v. Clifton Land Co., 94 Tenn., 123, 28 S. W., 668, 26 L. R. A., 509, 45 Am. St. Rep., 700; Cartwright v. Dickinson, 88 Tenn., 476, 12 S. W., 1030, 7 L. R. A., 706, 17 Am. St. Rep., 910; Railroad v. Parks, 86 Tenn., 560, 8 S. W., 842; Morrow v. Iron & Steel Co., 87 Tenn., 265, 10 S. W., 495, 3 L. R. A., 37, 10 Am. St. Rep., 658; Chase v. Railroad Co., 5 Lea, 415; Kelley v. Fletcher, 94 Tenn., 1, 28 S. W., 1099; Upton v. Tribilcock, 91 U. S., 47, 23 L. Ed., 203; Washburn v. Green, 123 U. S., 30, 10 Sup. Ct., 280, 33 L. Ed., 516; Applet on v. Turnbull, 84 Me., 72, 24 Atl., 592; Trust Co. v. Loan Co., 92 Me., 448, 43 Atl., 24; Cook on Corporations, sec. 199; Beach, Private Corporations, secs. 113, 116; Thompson, Liability of Stockholders, secs. 10, 11. In Tennessee it should appear that the other assets have been or are being collected, and are insufficient to pay debts, and an account must he taken, and an order made in the nature of a call upon stockholders for unpaid subscriptions, and this must be made ratably, so Sullivan v. Farnsworth. as to be equal and uniform. Simmons v. Taylor, 106 Tenn., 740, 63 S. W., 1123. And it is held in several jurisdictions, in accord with the Ten... Tennessee. Supreme Court, Books, History, Reports Of Cases Argued And Determined In The Supreme Court Of Tennessee (volume 132) Books>History Purchase of this book includes free trial access to www.million-books.com where you can read more than a million books for free. This is an OCR edition with typos. Excerpt from book: Davis v. Solari. that the guardian gave a full price, and that no prejudice occurred to the interest of his ward. Blacktnore v. Shelby, 27 Tenn. (8 Humph.), 439. The same thing was held in Elrod v. Lancaster, 39 Tenn. (2 Head.), 571, 75 Am. Dec., 749, and Crump, Ex parte, 84 Tenn. (16 Lea), 732. It appears from the article on Partition in Cyc., written by the learned author Mr. A. C. Freeman, that the weight of authority is substantially as set down by our statute on most of the points mentioned. It is said in that article, 30 Cyc., page 188, that suits for partition may be maintained by cotenants of every class, that is, by coparceners, tenants in common, and joint tenants; that a suit for partition is but a compulsory method of acquiring title in severalty to the property subject thereto, which without such suit might have been acquired by voluntary conveyances and releases (Id., 202); that a sale is but a mode of partition, and when a party is entitled to partition, he, if the other facts require it, is to the extent of his estate, entitled to partition by sale (Id., 273); that upon principle an order confirming a judicial sale must be regarded as a judicial affirmance that no reason exists why it should not be carried out and therefore is a final adjudication binding alike on the purchaser and all the parties in interest within the jurisdiction of the court, estops the former from refusing to pay his bid, and otherwise carry out the terms of the sale as confirmed, and the latter from resisting such further steps as may remain to be taken to vest him with the title (Id., 283). Davis v. Solari. As to persons who may buy at such sale, it is said in a note on page 275 that the cases considering this question are chiefly those in which the claim was made either that the...<

ISBN: 9780217275279

This historic book may have numerous typos, missing text or index. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. 1915. Not illustrat… More...

This historic book may have numerous typos, missing text or index. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. 1915. Not illustrated. Excerpt: ... Sullivan v. Farnsworth. The remedy of the creditor to finally look to stockholders who have not paid in full for their stock after the other assets have proven inadequate is applied by the American courts generally. The capital stock, especially unpaid subscriptions, constitute, in equity, a trust fund for the benefit of creditors, and the stockholders may be compelled to make payment upon his stock to its par, if so much is necessary to pay debts. Shannon''s Code, sec. 2058; Sweeney v. Railroad, 118 Tenn., 297, 314, 100 S. W., 732; Jones v. Whitworth, 94 Tenn., 602, 30 S. W., 736; Shields v. Clifton Land Co., 94 Tenn., 123, 28 S. W., 668, 26 L. R. A., 509, 45 Am. St. Rep., 700; Cartwright v. Dickinson, 88 Tenn., 476, 12 S. W., 1030, 7 L. R. A., 706, 17 Am. St. Rep., 910; Railroad v. Parks, 86 Tenn., 560, 8 S. W., 842; Morrow v. Iron & Steel Co., 87 Tenn., 265, 10 S. W., 495, 3 L. R. A., 37, 10 Am. St. Rep., 658; Chase v. Railroad Co., 5 Lea, 415; Kelley v. Fletcher, 94 Tenn., 1, 28 S. W., 1099; Upton v. Tribilcock, 91 U. S., 47, 23 L. Ed., 203; Washburn v. Green, 123 U. S., 30, 10 Sup. Ct., 280, 33 L. Ed., 516; Applet on v. Turnbull, 84 Me., 72, 24 Atl., 592; Trust Co. v. Loan Co., 92 Me., 448, 43 Atl., 24; Cook on Corporations, sec. 199; Beach, Private Corporations, secs. 113, 116; Thompson, Liability of Stockholders, secs. 10, 11. In Tennessee it should appear that the other assets have been or are being collected, and are insufficient to pay debts, and an account must he taken, and an order made in the nature of a call upon stockholders for unpaid subscriptions, and this must be made ratably, so Sullivan v. Farnsworth. as to be equal and uniform. Simmons v. Taylor, 106 Tenn., 740, 63 S. W., 1123. And it is held in several jurisdictions, in accord with the Ten... Tennessee. Supreme Court, Books, History, Reports Of Cases Argued And Determined In The Supreme Court Of Tennessee (volume 132) Books>History, General Books LLC<