Cooper v. Adel Security Co.

Citations

• 30 S.E. 348
• 122 N.C. 463
• 1898 N.C. LEXIS 285

Syllabus

<p>Attachment — Corporations—Unpaid Subscriptions to Capitcd Stock of Foreign Company — Parties.</p> <p>1. A corporation is a necessary party to an attachment proceeding to subject the amounts due it from unpaid subscriptions to its stock , to the payment of its debts.</p> <p>2. The balances due on stock subscriptions are a trust fund for the benefit of the creditors of a corporation and may be subjected to the payment of its debts.</p> <p>3. Under Sections 218 (1), 363 et seq. of The Code, the unpaid balances due a foreign corporation on subscriptions to its stock by subscribers residing in this State are property of such corporation and subject to attachment for the payment of its debts.</p>