Dunlap v. Rauch

Citations

• 24 Wash. 620
• 64 P. 807
• 1901 Wash. LEXIS 581

Syllabus

<p>CORPORATIONS-RECEIVER-ACTION BY CREDITOR ON STOCK SUBSCRIPTIONS-AMENDMENT OF COMPLAINT.</p> <p>Where, pending an action at law by a creditor to recover -upon an unpaid subscription to the capital stock of a corporation, there being no disclosure of other creditors or of any inadequacy of assets at the institution of the action, a receiver is appointed in a subsequent action on the ground of the corporation’s insolvency,' the action of the court in allowing, the creditor to continue her action for the benefit of all the creditors and ordering the proceeds of the judgment obtained by her to be disbursed by the receiver, was not erroneous, although the court did not direct amendments of the pleadings or a formal substitution of the receiver.</p> <p>CORPORATE STOCK — PAYMENT IN PROPERTY.</p> <p>Where property is given in payment of a subscription to the capital stock of a corporation, the property must be worth in cash the amount of the subscription for which it is offered; and the estimate of value placed upon such property by the stockholders is not conclusive on the courts.</p>