Bank of San Luis Obispo v. Pacific Coast Steamship Co.

Citations

• 103 Cal. 594
• 37 P. 499
• 1894 Cal. LEXIS 830

Syllabus

<p>Corporation—Liability op Stockholder— Statute op Limitations.— The Lability of a stockholder of a corporation to pay his proportion of its corporate debts is one created by statute, and an action to enforce that liability must be brought within three years after the cause of action accrues.</p> <p>Id.—Note op Corporation—Running op Statute Against Stockholder.—The Lability of a stockholder of a corporation upon a note given by the corporation is created within the meaning of section 359 of the Code of Civil Procedure, at least as early as the date of the note, and the statute of limitations commences to run in favor of the stockholder from the date of its execution, and not from its maturity, regardless of how long the liability of the corporation to actions may be postponed by agreement of the creditor.</p>