Bird & Co. v. Calvert

Citations

• 22 S.C. 292
• 1885 S.C. LEXIS 20

Syllabus

<p>1. Where suit was brought against a corporation and its individual members, all of whom (except one) answered admitting liability, an order of reference and subsequent proceedings thereunder will not be set aside as to the corporation and these non-resisting defendants at the instance of the one excepted stockholder, whose time for answering had not expired when such order was taken, and who had not then answered.</p> <p>2. In action by a creditor in the Court of Equity to subject property beyond the reach of legal process to the payment of his demand, are judgment and execution unsatisfied the only sufficient evidence to prove insolvency, and so give jurisdiction to the court?</p> <p>3.Under a charter which provides that every stockholder shall be individually liable to the creditors to the extent of five per cent, upon his stock subscribed, the liability of the stockholders individually is primary, and may be enforced by action before judgment had against the corporation and return of nulla bona.</p>