Dreisbach v. Price

Citations

• 133 Pa. 560
• 19 A. 569
• 1890 Pa. LEXIS 935

Syllabus

<p>1. The provisions of the act of April 16, 1850, P. L. 477, prescribing a special proceeding to enforce the personal liability of stockholders of banks, apply only to banks of issue; and, therefore, a bill ia equity can be maintained by the assignee for the benefit of creditors of a bank not of issue, to enforce a statutory liability for its debts imposed upon the stockholders by the special act of incorporation.</p> <p>2. Under a charter providing that the stockholders of a bank shall be individually responsible, equally and ratably, and not one for another, for all its debts, “ to the extent of double the amount of the stock subscribed for or held by them,” a stockholder is liable directly to the creditors to the extent of double the par value of his stock, in addition to his liability to the corporation for any stock subscribed and not paid for.</p> <p>3. An individual liability to the creditors of a corporation, imposed by its charter upon the stockholders, being purely statutory and arising from no contractual relation but solely from the possession and ownership of the shares of stock, a married woman who holds stock in such corporation takes it cum onere, and is subject to this responsibility notwithstanding her coverture: Wolbaeh v. Building Ass’n, 84 Pa. 211, distinguished.</p>