Frank P. Miller Paper Co. v. York Coated Paper Co.

Citations

• 34 Pa. Super. 315
• 1907 Pa. Super. LEXIS 132

Syllabus

<p>Corporations — Manufacturing corporations — Directors—Debts in excess of paid-up capital — Remedy—Acts of April 29, 1874, sec. 39, cl. 6, P. L. 73, and July 18,1863, secs. 41 and j2, P. L. (1864) 1102, and April 4,1865, P. L. 60.</p> <p>The provision of the general corporation Act of April 29,1874, sec. 39, cl. 6, P. L. 73, making directors liable for corporate debts in excess of the capital stock actually paid in, is enforceable only in the manner provided by secs. 41 and 42 of the Act of July 18, 1863, P. L. (1864) 1102, which requires a creditor before proceeding against the directors to first obtain a judgment against the corporation and issue execution thereon. These sections of the act of July 18, 1863, are not supplied by anything contained in the act of April 29, 1874, and are not repealed by that act. The fact that a corporation has been adjudicated a bankrupt does not dispense with the necessity of the preliminary proceeding against it, as provided by the act of 1863.</p>