Cushing v. Perot

Citations

• 175 Pa. 66
• 34 A. 447
• 1896 Pa. LEXIS 1209

Syllabus

<p>Foreign corporation — Stockholder—Liability of Pennsylvania stockholder *n ^~amaS C°rPoraiion‘</p> <p>In an action in this state by a foreign creditor of a foreign corpora-ti°n against a stockholder, a citizen of Pennsylvania to recover liabili-</p> <p>ties imposed on stockholders by the law of the state where the company was incorporated, an affidavit of defense is sufficient which avers that suit had already been brought and judgment obtained against the defendant in the state where the company was incorporated on his liability as a stockholder, and that execution had been levied on his real estate there.</p> <p>The liability imposed by the laws of Kansas upon stockholders of corporations for an additional amount, equal to the stock owned by them, is contractual in character, and may be enforced outside of the limits of the state of Kansas.</p> <p>Foreign corporation — Foreign creditor — Resident stockholder — Receiver.</p> <p>A single foreign creditor of an insolvent Western Farm Mortgage Trust Company of the state of Kansas, cannot sue one of its stockholders, a citizen of Pennsylvania, in Pennsylvania, in an action of assumpsit, upon the liabilities imposed by the laws of Kansas upon the stockholders to pay the debts of a corporation to an amount equal to the stock owned by them, if it appears that a receiver has been appointed by a court having jurisdiction ■over the corporation. Such liability is an asset for the payment of the ■creditors of the corporation and the receiver alone has the right to sue for its collection.</p> <p>Corporation — Creditor—Receiver.</p> <p>A receiver represents not only the corporation but all its creditors, and as to the latter it is his duty to secure all the assets available for their payment. For this purpose he succeeds to their rights, and has all the powers ■to enforce such rights that the creditors before his appointment had in their own behalf, even though such powers be beyond those which he has as the representative of