Hamilton v. Glenn

Citations

• 85 Va. 901
• 9 S.E. 129
• 1889 Va. LEXIS 101

Syllabus

<p>1. Corporations—Dissolution—Creditors’ suit—Parties.—Under Code 1873, chapter 57, $ 26 (Code 1887, $ 1103), a corporation, though dissolved or expired, may be sued to enforce its liabilities, and its stockholders are not necessary parties.</p> <p>2. Idem—Assignor—Unpaid subscriptions.—Assignor of shares of stock is still liable for unpaid subscriptions, whether instalments accrue before or after assignment. Id. I 26.</p> <p>3. Idem—Trust deed.-—Where trust deed executed by corporation provides that unpaid subscriptions shall be payable to trustee, the right to collect same passes, and creditors may enforce them by suit; or in any event, corporation’s right thereto passes to creditors under chapter 57, l 23.</p> <p>4. Equitable Jurisdiction and Relief—Statute of Limitations.—Where corporation’s property, including unpaid subscriptions, are conveyed to secure its debts which, though barred by limitation, are not extinguished, equity will aid in enforcing their payment.</p>