Avery & Son v. McClure

Citations

• 94 Miss. 172
• 47 So. 901

Syllabus

<p>Corporations. Debts. Stockholders. Directors. Personal liability. Code 1906, §§ 909, 923, 924. Patent. Infringement of. Torts.</p> <p>The infringement of a patent is a tort, and a judgment against a corporation for damages resulting therefx'om is not a debt within the meaning of:—</p> <p>(a) Code 1906, § 909, providing that every stockholder of a corporation shall he individually liable for its debts contracted during his ownership of the stock to the extent of any unpaid balance on his subscription therefor, the liability to continue for one year after his transfer of the stock, and that any creditor of the company may sue therefor; nor</p> <p><5) Code 1906, § 923, providing that the directors of an insolvent corporation assenting to a diversion of its capital stock or the payment of a dividend, and the stockholder receiving a dividend, shall be jointly liable to the existing creditors of the corporation to the extent of the withdrawal or payment, with interest; nor</p> <p><e) Code 1906, § 924, limiting the amount of debts which a trading coi’poration should contract and making the directors who.contracted debts in excess thereof personally liable therefor.</p>