Arenz v. Weir

Citations

• 89 Ill. 25

Syllabus

<p>1. Demurrer—admits all facts well pleaded. A demurrer to a declaration admits all the facts well pleaded to be true, but not the inferences from them.</p> <p>2. Insurance company—liability of stockholder for debts of company. The provision of the general law of 1869, making the trustees and corporators of any and all insurance companies individually liable for all debts or responsibilities of their company to the amount of stock by him or them subscribed, until the whole amount of the capital stock of such company is paid in, and a certificate thereof recorded, applies to insurance companies organized before its passage under special charters.</p> <p>3. Same—liability of stockholders not released by the appointment of a receiver. The passing of an insurance company into the hands of a receiver in no degree diminishes the individual liability of its stockholders for the debts- of the company. The stockholder is not under the control or in the power of the receiver, but holds a fund, so to speak, out of which the creditors of the company may be paid; and the very fact that the corporation has gone into bankruptcy, or into the hands of a receiver, fixes the liability of a stockholder to a creditor.</p>