Frantz v. Idaho Artesian Well & Drilling Co.

Citations

• 5 Idaho 71
• 46 P. 1026
• 1896 Ida. LEXIS 49

Syllabus

<p>Loan of Stockholders to Corporation — Corporation’s Liability.— The defendant, a corporation, having a judgment rendered against it upon which the sale of its property was imminent, not being able to procure money to satisfy said judgment upon its own credit, the money was raised by certain stockholders upon their individual note, tlie corporation agreeing' to protect them from the payment of said note. The corporation paid a portion of said note; the balance was paid by the individuals. Held, that the corporation was liable to tbe parties so praying for the amount paid by them. And the cause of action accrued at the time said payments were made.</p> <p>Statute oe Limitations. — The statute of limitations is a personal privilege, and, to be made available, must be pleaded. It cannot be interposed by argument or inference.</p> <p>(Syllabus by the court.)</p>