Clapp v. Smith

Citations

• 22 N.M. 153
• 159 P. 523

Syllabus

<p>SYLLABUS BY THE COURT.</p> <p>The statutory added liability of holders of corporate shares of stock, in addition to the par value thereof, is not a corporate asset, but a secondary or collateral liability flowing directly to and to be enforced by creditors, and the receiver, assignee, or trustee of 'an insolvent corporation cannot, in the absence of express statutory authority, recover it.</p>